Looking to get into the cannabis space? Do you need help applying for a cannabis license or preexisting marijuana business license support?
Right now, the cannabis industry is expanding rapidly, as more and more states are creating laws that allow businesses to legally produce and sell cannabis products. Good news, Higher Yields’ application writers, and cannabis license consultants can help your business obtain a license. Our team of marijuana experts has been awarded licenses in merit-based states as well as non merit-based states, in both the recreational adult use and medical marijuana markets.
Cannabis laws differ from state to state, and each state’s licensing process is different. There may also be differences within states application processes depending on the type of cannabis business and whether you are applying for a recreational or medical marijuana license. Understanding and delivering on the specific requirements for cannabis permits in your state is crucial for success when applying. For many of you you will only have one shot to acquire a license, so best to make it count.
In these boom times, the opportunities for growth are abundant, but only to those who can make it through the rigorous application process and become a licensed marijuana business. This is easier said than done, especially without professional help.
Still, with careful planning and the right guidance, success is possible. Read on to learn about the common requirements in the licensing and permitting process
If you have any questions regarding our license application support services, or any of our other services, don’t hesitate to contact us using the form below. One of our employees will contact you within 1 business day.
There has never been a better time to apply for a license. Most states in the USA have some sort of medical or recreational marijuana program. On the international front many countries are also legalizing marijuana, many countries are even ahead of the USA when it comes to progressive marijuana policy. Higher Yields Cannabis Consulting can help you acquire a cannabis license anywhere in the world so you can take part in an exciting and lucrative new industry.
One of the most common questions we hear is “how do you get a cannabis license?”. While licensing varies considerably by state and country, there are still some common factors that are looked at by most marijuana business licensing agencies. Making sure that you have these startup requirements covered is the first step to creating a successful application. If you need help with cannabis business startup services Higher Yields experts can help.
Here are few of the more common requirements:
1. Business Plan
One of the most common requirements for a cannabis license is a well-built business plan. After all, there is little point in approving an application for a cannabis business if it looks likely to fail. Regulators want to see that you’ve made a plan for how your business will operate and grow, and to ensure that your plan lines up with all the relevant regulations. So craft your business plan carefully, and make sure it stays within the regulations for marijuana businesses in your area.
2. Standard Operating Procedures (SOPs)
SOPs make up the day-to-day activity of your business, and its important to detail how you will handle all the procedures in a way that fits the cannabis regulations, and follows applicable workplace codes and regulations in your area.
3. Strong Financials
Another big requirement is strong financials. It takes a fair bit of funding to get a fully licensed marijuana business up and running. Many applicants will need investors. From application fees, to property purchases and build-outs, to marketing and employee salaries, the costs can really add up before you ever hit opening day. Licensing agencies want to see that you have the funding to push through to the point of profitability. Showing that you have a legal source of funding that is sufficient to get your business started is one of the most important factors for getting your application approved. Our team of cannabis business accountants is experienced in helping cannabis startup businesses with financial plans.
4. Cannabis-Friendly Real Estate
Cannabis real estate is another big factor. Before you can get your license approved, you will likely need to have a property secured that meets the requirements for your marijuana business type. Many areas have zoning restrictions for cannabis businesses, so it’s important to make sure your property is in the right zone for your business type. There may also be relevant regulations about the buildings on your property. Any structures on the property should be up to code for the commercial activity involved in your cannabis-related business. Here are some tips for hunting down a potential cannabis property.
5. Background Checks
A final consideration is background checks. Most states have some type of background check to ensure that any relevant partners in the business don’t have a criminal record. Regulatory agencies don’t want legal cannabis to be funding criminal activity, so make sure there won’t be red flags raised for any of your partners before you apply.
Many states offer both recreational and medical marijuana programs. Deciding between the two can be a tough decision and a very important one. We’ve compiled some pros and cons for both to help you make an informed decision.
Higher Yields’ cannabis consultants have years of experience when it comes to being awarded a license. We’ve put together a short article on cannabis license tips that should help your group acquire a marijuana business license in your state.
We’ve heard many horror stories about businesses not using experts when applying for a marijuana business license. Your chances of being awarded a license plummet and in a merit based state you only get one chance. If you still choose to go it alone here are 3 things you do not want to do if you plan on being successful.
We offer many different levels of services custom tailored to our client’s needs. If the client would like we can handle the entire project where the client will have a dedicated project manager and technical writer assigned to their project OR the client may wish to only have us do certain parts of the application, in this case we generally create customized agreements that outline estimated hours and the cost for those hours.
The more time the better. It’s like a book report. You can do it the night before but it’s not going to be as good if you give it the time it needs (at least 4-6 weeks, depending on the client’s current state and team needs.)
It’s a hard question to answer. Some client’s situations aren’t as strong as others and this obviously affects chances and would reflect poorly for any client who didn’t win or that we thought would not win. On licenses we felt would win, we are about 85%. Many consultants talk about high win rates but it’s very difficult for anyone to confirm that and often times it doesn’t include all of their work on partials or even clients they didn’t believe in.
We have done it before is the simple answer. People often underestimate the required resources, budgets, and timelines for these types of projects. Clients who do it themselves often times fail to complete in time and even if they do they don’t have the operational understanding that someone in the industry has. The more experienced the more understanding of the process.
The scope of the client’s needs will determine whether we need a full scope of work or a partial scope of work. For partial projects we do exactly what we have quoted, for full project we are much all hands-on. Helping get everything done but the clients are still involved throughout the process, working with their attorneys to structure the business, helping our team fine tune the content. They also submit the final product to the state department
We work anywhere in the world where they have cannabis and hemp programs. We also consult with areas that need help establishing programs.
Pre-application assessments help. Even without a request for proposal from the state HYC understands that there are common needs in all states that can be started on immediately to help the clients get ahead of the competition or to establish a cannabis program.
We’ve worked in over 20 states and have consulted in 9 countries with more on the horizon.
A Pre-application Assessment includes the following:
1. A Pre-Application Kickoff Meeting, including everyone from our team and client’s team. We start off with a 100 Point Assessment that helps our team build context of where the clients strengths weaknesses and lie. We then prioritize the most important areas for the team to start on and identify critical timelines.
2. An Assessment Report that includes all of the information captured in the assessment. It puts into text the priorities, gaps, strengths, and any glaring issues that were discovered during the assessment.
3. A Project Plan that consists of an itemization of all the tasks that must be completed in order to submit an application. This plan breaks down the tasks and allows both teams to identify roles, responsibilities, deadlines, priorities, and collect notes on specific areas of the application
Each team member’s background and how they will benefit the team is discussed. We also consult on obtaining real estate. We determine financial competency and cannabis specific knowledge.
Financial models are very popular in this industry. Investors want to see where their money is going and when they need to be concerned, what they are to expect from their investment. If the numbers are weak or the plan doesn’t make sense to an investor they won’t invest. You need solid numbers that can be supported by professionals who did their due diligence.
A goal without a plan is just a dream, you need a plan. You need to get your ideas down and determine your strategy for marketing entry. Often times business plans are needed to raise capital. We understand the cannabis industry better than outsiders and the content we can create will be more thorough and cannabis industry specific. There are nuances to cannabis business plans, just like many other industries.
HYC knows what investors want to hear, we know how they want to be presented to, we can help clients not just with their business plan but also get them valuable face time with potential investors.
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Whether you’d like to schedule a free initial consultation or you have questions, we’d love to hear from you.