Nationwide, marijuana enthusiasts and smart entrepreneurs are looking in to cash-in on the growing pot industry. Depending on the state, some of these individuals and entities have already been laying the groundwork, using states like Colorado and Washington as models for potential successes and failures in the marijuana industry. For-profit ideas have included food and other marijuana products, delivery services, bed and breakfasts, and other businesses in a variety of industries, including service, real estate, and retail. In California, marijuana is still not available for medical use, but those in the business–or those who want to be a part of the business–can begin to take advice from leaders in the industry. They should also still be wary of the potential for criminal liability in the marijuana business, even if it is decriminalized in the state.
Those considering joining the industry have come from all walks of life, from successful business persons to truck drivers, service workers, and executives. Some want to launch online businesses, others are looking to create skin care and beauty products. With more possibilities and growing consumer awareness of the potential benefits of marijuana products, individuals and entities nationwide are working to learn the tricks of the trade. What are some of the important secrets for would-be cannabis businesses owners? Here are a few tips:
Know the law. In addition to knowing your local and state regulations, you should also stay abreast of federal marijuana laws to protect against criminal liability. Even if marijuana is legal in your home state, you can still be held criminally liable under federal law.
Be aware of regulatory hurdles. Regulatory hurdles may range from zoning laws to licensing, to record keeping. An experienced marijuana dispensary or business owner can help you navigate the complexities of marijuana laws. There are restrictions on the amount sold and packaged, how things are labeled, and how they are tested. Make sure your business is compliant to prevent liability.
Make sound financial decisions. Finding investors and taking out loans in the financial industry can be more complicated. Be sure that you have a clear understanding of how any business loan or investment will work in the marijuana business. You don’t want to lose financial steam before you even hit the ground.
Know your property. Whether purchasing or renting, starting a growing operation or you need retail property, you want to know the building code requirements as well as zoning laws. Finding the right property can be tricky, depending on your state, and it is important that you find the right property in accordance with your desired use.
Consider a consultant. Individuals who specialize in marijuana business and marijuana law have begun to market themselves to potential or existing business owners. While you may benefit from this advice, remember that without an experienced attorney working on your behalf, you could be exposing yourself to liability. Our Orange County marijuana attorneys can successful inform you of your rights and obligations to prevent fines and criminal liability.
The Los Angeles CANNABIS LAW Group represents growers, dispensaries, collectives, patients and those facing marijuana charges. Call us at 714-937-2050.
More Blog Entries:
Marijuana Legalization and the Real Estate Industry, November 27, 2014, Los Angeles Marijuana Lawyer Blog
App Technology Highlights Future of Marijuana Business, July 9, 2014, Los Angeles Marijuana Lawyer Blog