The marijuana business has come a long way. Just a few years ago, it was illegal in all 50 states for any use at all. Today, it is fully legal in a few states. Medical marijuana is legal in 25 states and the District of Columbia. Almost 70% of doctors say they approve of its use. If you are interested in getting into the medical marijuana business, it makes a lot of sense. If you are going to do that, you may want to bring on a medical marijuana consultant to help you. This is a very complicated process and is more involved than opening other kinds of business. Here are some tips to help you pick the right marijuana business consulting company for your needs.
- Talk to clients. Whenever you get any kind of business service, the ability to talk to current and former clients is always going to make a big difference. Ask for a list of their clients and about how things went with them. If they are ok with it, call a few of the clients and see what the experience of working with them was like. It is important to do your due diligence. When you hire new employees, you call their references, right? Think of this the same way. You need to know you are hiring the right company for your business. If they have testimonials on their website, you should make a point to check those as well. Some consultants in all businesses have been known to make these up.
- Look at your specific needs. Where are you based? Who do you expect your clientele to be? If you are working in the legal marijuana industry you will have very different needs than if you are working in the medical marijuana consultants. This is not a time to hire generalists, you need a specialist. Keep this in mind when you are talking to different marijuana business consulting company. You will have different needs depending on what part of the business that interests you. Are you interested in the marijuana cultivation methods or do you want to open a dispensary?
- Make sure they have time for you. You need to know that the marijuana business consulting company that you hire is going to take the time to talk to you when you need to talk to them. More and more states are legalizing marijuana for general use and for medical use only. This means that consultants are in high demand. It is possible to get the advice and help you need on the phone but few things really can replace meeting in person. See if you can hire someone who has the time to meet face to face.
- Are they working with any of your competitors? When medical marijuana becomes legal in a state, when they first have this kind of business, they do not give out as many licenses. This may not be an issue if you are looking at opening a medical marijuana business in a state where this has been legal for a while but it might be. It might not matter if your marijuana business consulting company works with your competitor but it might create a conflict of interest. If you ask and they lie, you need to go to someone else.
- Weigh carefully the idea of paying them in equity. For a lot of medical marijuana and straight up marijuana businesses, companies are paying their marijuana business consulting company in equity, or partial ownership in the business. These may be very good deals or they can be absolutely horrible. You just need to be as careful as you can be when you sign over ownership of your business, even part of the business, to someone else. It may seem like a great idea as you will know they want you to succeed but in small, finite markets, it can also create a conflict of interest. It may also violate local laws or regulations on the marijuana business in your region.
Medical and other marijuana businesses can be very successful and provide a good chance to make a living and a difference.