Top Things to Know Before You Start a Weed Related Business

May hay while the sun shines, they said. Marijuana is legal now, which means it is the right time to invest in weed and anything relating to it. If you were already thinking of starting a weed related business then there is no time like the present.  

Entrepreneurs across the globe are now heading to the medical marijuana and recreational marijuana sectors hoping to capitalise on what has come to be known as the ‘Green-rush’ or the “cannabis” boom.

Marijuana is now been seen in every possible industry, edibles, clothing, hemp-clothing brands, and beverages are just some of the sectors being explored.

But how hard is it to enter the world of marijuana and how can an entrepreneur profit from it. Here are some things you should know.

Cannabis is not just about lighting up a joint anymore. It has become a lifestyle industry. There are all types of cannabis related businesses and finding the perfect one for you could be possible if you research it well. Figure out where you want to invest in and what type of sector you would be comfortable and likely do very well in.

Know the legal aspects about the trade. It is all still very new and knowing the legal aspects of your business thoroughly is very important. Find out who your competitors are likely to be and what they are intending to do in the near future. Learn everything you possibly can about the industry.

Hire a lawyer. Yes, you read that right. This is a business where one of the first hires you will make will likely be a lawyer unless you are one yourself. If you are in the cannabis industry it is essential to have a lawyer on call at all times. Sure, weed is legal now but there are difficult to understand laws that need a lawyer’s expertise.

There are places where marijuana is still illegal so dealing with a cannabis business is still tricky and can be difficult. However many investors have focused on Canada and its cannabis sector since it is also already involved in international market like Europe, Latin America and Australia.

Another way to benefit from the cannabis boom without directly getting involved with a company is to buy securities of marijuana companies. While this is still a risky proposition, it is better to get involved now rather than later. Many American investors are interested in buying and selling Canadian securities directly or through U.S. listings.

Many experts are now saying that Canadian cannabis companies are perhaps safer investments than those in the U.S. due to being federally legal and they have performed very well and may be overvalued despite a recent sell-off. Investors looking to capitalize on global cannabis opportunities should consider exploring this group of companies since is likely to expand in the near term.

Here are some resources that will help you know the marijuana industry better:

  • National Organization for the Reform of Marijuana Laws (NORML)
    This group has chapters all over the country dedicated to helping people know the laws.
  • Vicente Sederberg
    The first American law firm that represents marijuana companies.
  • Cannabis Capital LLC
    An investment firm dedicated to connecting people with potentially great ideas to investors.
  • Halley Venture Partners
    Halley Venture Partners is a venture capital firm that invests in legal marijuana markets. This is the place entrepreneurs should head to if they are looking for funding.
  • Ganjapreneur.com
    This is a good site to learn about the marijuana industry. It also has interviews with experts and a regular podcast. They also post news articles related to the world of cannabis so it is a one stop resource.

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