An extremely important component of establishing any business is the creation of a compelling and robust business plan. This is no less true in the cannabis industry. In fact, many states require such a plan as a condition precedent to obtaining a license or permit. Of course, potential investors and financial backers are also going to rely on your business plan in deciding whether to invest in your business or your competitor’s. As such, a robust business plan is essential to your company’s success.
Despite what many cannabis consultants will tell you, drafting a cannabusiness plan is not necessarily that complex or unique. You do not need an advanced business, finance, or horticultural degree or experience in the retail industry to lay out the foundation of your business (although there are portions of your business plan for which an experienced advisor is essential). You do, however, need to have an appreciation of the nuances of operating a cannabusiness. The following is not exhaustive: it is not a list of every component of your business plan. Rather it is a starting point, a guidepost you can use in laying out how you intend to get started.
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