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Cannabis Business Executive: The 5 Steps to Drafting a Winning Cannabusiness Plan

business planAn 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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ABOUT DARREN H. WEISS

Darren WeissDarren H. Weiss is a seasoned counselor and litigator who works with businesses to attract, maintain, preserve, and, if necessary, protect against their most valuable asset: employees. A passionate and experienced legal advocate, Mr. Weiss’s practice focuses on the medical marijuana industry and employment law. His employment practice spans from advice and counsel to defense of collective and class action litigation, charges of harassment and discrimination, and enforcement of restrictive covenants. His practice has a particular emphasis on wage and hour issues under the Fair Labor Standards Act and state laws and has clients in a wide variety of industries, including financial services, medical care, manufacturing, and professional services.

 

 

ABOUT OFFIT KURMAN

Offit Kurman is one of the fastest-growing, full-service law firms in the Mid-Atlantic region. With over 120 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our eight offices serve individual and corporate clients in the Maryland, Delaware, New Jersey, and Northern Virginia markets, as well as the Washington DC, Baltimore, Philadelphia, and New York City metropolitan areas. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.

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