Because the legalization of medical and recreational marijuana is still so new, the laws surrounding the industry can be difficult to navigate. To ensure that the entire process is streamlined, and everything is accounted for, dispensaries and other retailers usually hire cannabis consulting firms for their expertise.
What Is a Cannabis Consulting Firm?
Cannabis consulting firms are those that specialize in the ins and outs of marijuana production, retail, product development, marketing, and more. These specialists can help you adopt best practices to reach your business goals.
What They Can Do for You
Marijuana legalization has come with many benefits but has also raised questions about business solutions such as taxation, accounting, permits, and more. These complex challenges don’t have to be faced alone – different cannabis consulting firms target different areas of the market, with some firms offering legal services tailored to marijuana sales and others offering IT services to those in the cannabis business.
Setting Up/Optimizing Your Business
Setting up a business is no easy feat – the rules surrounding cannabis production and sale make this even harder. Therefore, it’s best to have cannabis consultants who can help you not only set up, but also optimize your business. This can be in different areas such as cultivation, distribution, and retail.
Staffing and recruitment services are also a specialization that many cannabis consulting firms can help you with. This is especially important if you’re starting from scratch and need to build a team from the ground up. Firms with experience in headhunting and recruitment can ensure that all of your requirements are met and see to it that those with the right talents, skill set, and experience are hired.
Marketing and Branding, Product Development
In an industry as competitive as the cannabis industry, it’s difficult to stand out and provide unique products to your customers. Cannabis consulting firms that specialize in marketing and product development can help you innovate, increase market share, and help you target your ideal audience.
Finding New Products and Vendors
Whether you’re a marijuana dispensary or a wholesaler, finding reliable vendors is imperative to the success of your business. However, these can’t just be any suppliers – they have to be licensed. Cannabis consulting firms can help research and vet vendors and their products.
While farmers know their field best, cannabis growth consulting firms can help optimize daily operations and increase efficiency. They can help with everything from optimizing cultivation to customizing your growing facilities.
Laws surrounding cannabis are not always clear. To avoid unnecessary delays, it’s important to obtain a license, fill out the relevant paperwork, and make sure that all regulations are met. Cannabis consulting firms specializing in law can help you take care of this.
Not only do cannabis consulting firms that specialize in finance help you pitch to investors and fill out bank documents, but they also help with complicated processes such as risk assessment, taxation, and more. Additionally, cannabis consulting firms that specialize in banking can help your company set up payment systems and secure banking accounts. They can also help with payroll and employee accounts as well as insurance solutions.
IT solutions can help your cannabis business streamline daily operations. These include digitizing orders, internal communication networks, POS systems, and more. A long-term IT partner can optimize your systems, resolve any IT issues that arise, and make sure that security is taken care of.
How to Select One
Use the following steps to narrow down firms.
Ask Your Network
Take advantage of your network by asking business contacts and contacts on LinkedIn for their suggestions.
Ask Trade Organizations
Those already in the industry will know more about the best cannabis consulting firms than anyone else and can point you in the right direction.
Go to Trade Shows
Going to trade shows is an excellent way to come across a variety of firms in the same place. This is not only convenient but may also give you a more thorough idea of what you need.
With the internet at your disposal, you can simply use search engines like Google to find the top cannabis consulting firms that fit your criteria.
Things to Look For
These factors will help you determine whether a cannabis consulting firm is right for your unique needs.
Demonstrated Experience and Success
The reason you’re hiring a cannabis consulting firm is because of their expertise in the industry. Make sure that the firm you choose is experienced and has a good track record with other clients.
Asking for references is considered good practice. This holds true even when a cannabis consulting firm is well-known. Not only do references validate a firm’s claims, but they also show you whether they have maintained good working relationships with past clients.
Partnerships with Other Trustworthy Companies
The top cannabis consulting firms are used by companies throughout the industry. Cannabis consulting is a specialized field and firms that have worked with industry professionals clearly have the knowledge that is needed to help your cannabis business succeed.
Every company has a different budget, and the right cannabis consulting firm is one that fits within this budget. Instead of settling for the first firm that you can afford, get quotes from several different firms and then make your decision based on which cannabis consulting firm is providing the best value for money.
Top Cannabis Consulting Firms
The following are some of the top cannabis consulting firms available for hire.
- Higher Yields Consulting (Production, Distribution, and Growth)
- 3C Comprehensive Cannabis Consulting (Business Consulting)
- Fincann (Banking)
- Canna Advisors (Business Development)
- Bridge West (Accounting)