As new states legalize and regulate cannabis, prospective business owners looking to set up shop in these new markets must first navigate the license application process. How can entrepreneurs craft winning licensing applications to set their business plans in motion?
While all eyes are currently on Illinois’ adult-use market, which is set to launch Jan. 1, there are many similarities across all states’ licensing application processes, and core strategies can be carried over and modified based on a specific state’s application, according to Derek Sigman, director of licensing for SIVA, a full-service cannabis business development firm that provides full state license application support, among other services.
Here, Sigman outlines his top tips for securing a cannabis business license in Illinois and beyond.
1. Perform a self-assessment of the team.
The first step of the license application process should be an honest assessment of the team members that make up the