As the cannabis industry becomes more regulated, the need to perform and act like any other legitimate enterprise is paramount to success. This will test many business owners, especially those with little to no financial industry background. Here, several cannabis industry experts share tips on avoiding business mistakes young companies make, and how to handle a variety of challenges.
1. Business Strategy
Your business strategy is where you will tell your “business story,” which defines your path forward with near- and long-term business objectives, says Terry Gibson, a consultant at the financial services and accounting firm RoseRyan.
The cannabis market has a lot of moving parts, and within that market there are areas to fill that may align with a company’s strengths better than others. Gibson notes that, generally, the narrower the focus, the better advantage a business will have for scalability.
“Very few people are going to be able