How to Succeed in the Cannabis Industry

It’s no secret that cannabis is becoming more and more accepted in society. The Cannabis industry has come a long way since its humble beginnings as hemp cultivation for industrial purposes, then prohibition, followed by legalization. Nowadays, it’s an industry worth billions of dollars annually, but despite all this success, there are still many obstacles standing in the way of total success. One such obstacle is finding investors willing to back your venture into these uncharted waters; another obstacle would be trying to navigate the ever-changing rules and regulations that govern this new frontier. However, this article provides a few tips on how to succeed in the cannabis industry, in case you’ve been wondering how to enter the business.

CBD industry

• Setting up shop
Our booming age of technology provides you the choice of a traditional brick-and-mortar retail outlet or the virtual option of an e-commerce store. You might select one or both, depending on the habits of your target audience. If what you offer is likely to be of interest to people across the country, an e-commerce store enables them to access you, and you will be able to ship deliveries to them no matter their location. It is easy to determine which products in the cannabis industry are evergreen, and which are likely to be placed on the museum shelves. Research the most credible retailers of products you have an interest in selling. A great example of a wonderful dispensary is cannacabana.com – a brand that manages to create a place for cannabis lovers of all kinds, where they can find many different products regardless of their preference.

You will learn most of what you need to know from their range. 

• Marketing and branding
Your store, whether land-based or online, will benefit from very limited clientele if your marketing and branding efforts don’t receive sufficient and quality attention from you because they simply won’t know that you exist. Where necessary, contract those who are skilled in developing and designing related campaigns. Once you’ve started attracting a following which must include those on social media platforms, you will need to retain their attention with consistent communication. Customers will be easily drawn towards another supplier who speaks to them regularly. The online virtual networking services of Facebook, Instagram, TikTok amongst other, are a truly invaluable tool for your business and they come at a fraction of the cost of the older marketing methods and the significant enhancement is that you receive direct and quick feedback from customers, past present and future, on what you’re doing well and, are directed towards areas of opportunity.

• Pricing your product
A  booming industry attracts many players. You’ll be one more and how you price your products does matter. It is not all that matters though. A customer will pay more than the cheapest option to the company that delivers consistently across all areas of the business. Don’t ignore reducing, for example, your delivery timeline, in favor of an unnecessary effort elsewhere. 

• Legal considerations
If you’ve determined to open a business in the cannabis industry, you will know whether it is legal or not in your country. Make certain of the details and ensure you secure the necessary certification for your business and display it wherever it makes sense, which will provide important and additional comfort for your customers. 

• Customer service
Without a comprehensive customer service plan, the backbone of any business, you simply won’t have the mobility to move forward towards achieving any business goals. That you are available to your clientele, current or new, must be evidenced easily and deeply in all that you do, including direct access via email, WhatsApp, and SMS and the dedicated person on the other end, who responds in a friendly and professional manner, promptly. This is truly a simple task, but its importance cannot be overstated. You will sink without doing it incredibly well. 

Businesses have launched and closed their doors for centuries. Although time and technology have afforded certain useful enhancements, the basic principles of business remain the same today as they did way back then. What they are is common sense and what you don’t know can be learned from any number who does. Thereafter, it’s not what you do, but how you do it that will count!

About Carson Derrow

My name is Carson Derrow I'm an entrepreneur, professional blogger, and marketer from Arkansas. I've been writing for startups and small businesses since 2012. I share the latest business news, tools, resources, and marketing tips to help startups and small businesses to grow their business.