Leveraging Your Business with a Cannabis Consulting Firm

Starting any new business is a complicated process. This is especially true in the relatively new and heavily regulated legal cannabis industry. Fortunately for the growing number of entrepreneurs and investors jumping into this rapidly growing market, cannabis consulting firms have risen up across the U.S. to help. Cannabis consulting companies make it their objective to know the ins and outs of starting and operating successful, profitable, and legally compliant cannabis businesses. In this article, we’ll cover what a cannabis consultant can do for your business, and what to consider before hiring one.

Cannabis Business Consulting: Who Is It For?

● New businesses

Cannabis consulting firms are an invaluable resource for those starting new businesses in the marijuana industry. Your consulting team can walk you through every step of the start-up process, from licensing and location to marketing, employee training, and more.

● Established businesses needing improvement

If your established cannabis business has run into roadblocks with compliance, profitability, or location, a cannabis consulting company can step in and work out a strategy to make your business even stronger than before.

● Businesses that are upgrading or expanding

If your business is thriving and you’re ready to upgrade your software or website, move into a new location, add more products or services, or even take your business to the multi-state level, a cannabis consultant can help you do it in the most efficient way possible.

● Investors

If you’re interested in investing in the rapidly growing cannabis industry but don’t know where to start, a reputable cannabis consulting firm can connect you with entrepreneurs who need capital and/or property to help their businesses take off.

What Do Cannabis Business Consulting Firms Do?

The primary objective of any good cannabis consulting group is to make your life easier. They keep track of the most up-to-date rules, regulations, and best practices so you don’t have to spend hours sifting through technical paperwork. A marijuana business consultant will have a trained eye for spotting weak spots or details you may have missed in your business plan. Some cannabis consulting firms will set you up with software, staff education, financial services, or Real Estate for your business. But cannabis consulting companies are not one-size-fits-all. Most firms do specialize in one or two specific areas. Here’s a look at the services that different types of cannabis consulting firms typically offer.

Cannabis Business Consulting

Cannabis business consultants can help you navigate nearly every aspect of creating a successful business, including:

• Drafting a solid business plan that allows for future growth
• Assisting with the license application process, increasing the likelihood of getting approved on the first try
• Ensuring your business stays in legal compliance at every turn
• Preparing you for inspections (some consultants will attend inspections in person)
• Helping you brand your business
• Developing standard operating procedures (SOP)
• Recruiting staff and providing training
• Devising a marketing plan
• Setting you up with software specifically designed for cannabis companies
• Building your website
• Developing security strategies
• Connecting you with cannabis industry-friendly banks, insurance providers, Real Estate, and investors
• Tax planning assistance
• Advising those considering buying, selling, or merging cannabis businesses

Depending on the type of marijuana business you are running, your consulting firm may provide services tailored to your specialty in addition to some or all of those listed above.

Dispensary Consulting

Dispensary consultants will also give special attention to things like:

• Location planning
• Ensuring your facility and equipment are adequate
• Getting inventory control and security in place
• Ensuring your staff is trained to provide knowledgeable and courteous customer service
• Ensuring consistent branding and image

– Medical Marijuana Consultant Certification

Dispensary owners wanting to ensure the best possible results for their medical marijuana clients can have their staff complete a medical marijuana consultant certification program. These programs go beyond the basics of how medical marijuana affects the body, and the most effective ways to use it. Having at least one certified medical marijuana consultant on staff will ensure your clients are receiving consistent, trustworthy, research-backed advice.

Marijuana Cultivation Consultant

Commercial cannabis growing is a highly technical process. In addition to general business and licensing services, a marijuana grow consultant will help you figure out:

• Facility design and buildout (including assessment of your HVAC system)
• Water and nutrient needs
• Growing timelines for the most efficient crop production
• How to access the best genetics for the type of cannabis you’re growing
• How to protect the local environment and keep yourself in legal compliance
• A plan for distribution, logistics, and appropriate packaging
• The best training for your staff

– Industrial Hemp Consultant

While industrial hemp is completely legal in every U.S. state, creating a business around cultivating and selling it comes with unique challenges. In addition to the marijuana cultivation consulting services listed above, a hemp business consultant can help you with:

• Navigating stringent state regulations
• Sourcing plant genetics that will yield crops below the legal THC limit
• Ensuring your marketing is effective and legally compliant

Cannabis Extraction Consulting

If your field of business is manufacturing cannabis-derived products, a cannabis extraction consultant will be able to help you with:

• Product development
• Developing the manufacturing process
• Ensuring your facility and equipment are adequate
• Helping you create a “plan B” to keep things running in the case of equipment malfunction
• Developing a testing/quality assurance protocol
• Ensuring product packaging is legally compliant and consistent with your brand
• Staff training
• Building a network of growers and dispensaries

Cannabis Investment Consulting

Cannabis investment consultants connect business owners in need of capital with investors who want to grow their money in the legal cannabis market. Some cannabis investment firms can also help you take the steps to turn your marijuana business into a publicly-traded company.

Cannabis Education Consultants

You may personally know a lot about cannabis, but an industry-specific cannabis education course can help you establish yourself and your staff as true experts in your field. Cannabis education consultants connect business owners with the most relevant programs to arm their staff with consistent and trustworthy information. A well-trained and educated team is key to ensuring the integrity of your product and customer service.

Cannabis Real Estate Consultants

Securing a location for your cannabis business is more complicated than might meet the eye. Cannabis Real Estate consultants can help you find properties zoned and pre-approved to house marijuana businesses and help you assess each location in relation to the individual needs of your business. Cannabis Real Estate consultants will often have access to industry-friendly lenders and may be able to walk you through the financing application process.

How to Find the Right Cannabis Consultant for Your Business

As the legal cannabis market grows, the number of cannabis consulting firms does, too. How do you find the right firm to trust with your business? Here are some of the most important things to look for in a cannabis business consultant:

● Specialization

Seek out a cannabis consulting firm that specializes in the specific area you need help with. If you need assistance in multiple areas, don’t be afraid to enlist the help of more than one consultant. Cannabis Real Estate consulting and cannabis business plan consulting are vastly different areas of expertise!

● Qualifications and track record

Make sure that your cannabis consultants truly do have the expertise to evaluate and elevate your business. Find out what certifications and track record their firm has. Don’t hesitate to ask for references or reviews from clients of past cannabis consulting jobs.

● Pricing

Hiring a cannabis consultant can save you considerable money in the long run, but take a look at your budget before jumping in. Some cannabis consultants charge an hourly rate, and others charge a flat fee per project. Ask for a detailed quote outlining exactly which services are included in the price, as some may cost extra to add on.

Some cannabis consulting firms may offer to accept equity in lieu of payment, but this kind of arrangement usually isn’t worth the cash you’ll save in the short-term. This practice may even be illegal in some places, so it’s advisable to discuss these types of arrangements with a business lawyer first.

● Communication

Communication with your consulting team must be clear and effective. Is there someone on staff who can provide further explanation if you don’t understand something, or are you handed a guidebook and mostly left to your own devices? Does your consultant make you feel welcomed to ask questions and check-in, or do they always seem “too busy” to return your calls? Find out how much contact and availability to expect from your consulting firm. Will support primarily be given via email, over the phone, or in-person?

● Potential conflicts of interest

The reality is, new cannabis businesses are cropping up all the time, and your local cannabis consulting groups may also end up assisting one or more of your direct competitors. Find out which policies a consulting firm has in place to ensure your sensitive information is kept confidential.

Our Recommended Cannabis Consulting Firms

If you’re interested in utilizing cannabis consulting to take your business to the next level, we highly recommend the following firms: