“The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into small manageable tasks, and starting on the first one.” ― Mark TwainDownload Brochure
The marijuana industry continues to evolve at a staggering rate. Regardless of what changes may come, successful marijuana businesses and their employees will need to focus on a few key business fundamentals in order to thrive in this new, ever-changing marketplace.
For every way that a business can succeed, there are hundreds of ways that it can fail. This is just as true in the growing marijuana market, which while being an ever-expanding economic Colossus, some investors are viewing with a skeptical eye. Those who feel bold enough to start new marijuana businesses without acquiring the requisite knowledge may soon find themselves joining the ranks of the disenfranchised and disappointed, as more and more “hot” marijuana-based businesses fail to leave the nest after hatching.
In the effort to mitigate risk, adhering to a few common sense, proven approaches will create a greater chance of success. The fact that so much money is now being made with marijuana is just one reason entrepreneurs should consider entering the market. There is research to be done, rules to abide by, regulations to conform to, and ways of transacting business that are unique to the industry. To help both newcomers and industry veterans, here are a few crucial keys to being successful in the cannabis industry:
Cannabis cultivation involves many levels of decision-making and fundamental production choices that ultimately determine the quality and efficiency of product output. While there are myriad factors to be considered around cultivation style and methods, choosing the specific medium that cannabis will be grown in is a broad, but important topic of debate within the cannabis industry. Ultimately, the decision boils down to choosing between hydroponic or soil cultivation methods.
Many arguments can be made in favor of, or against, both methods, and it is up to informed producers to determine the best growing choice for them. Soil mixes specific to the needs and demands of cannabis are based in generations of agricultural know-how to best mimic naturally occurring ecosystems utilizing natural resources. Hydroponic growing has unique advantages and disadvantages, and can be a valuable growing technique.
The harvest — something agriculture has experienced since the beginning of time — is the culmination of all of your work in planning, zoning, buying land, obtaining financing, constructing facilities, training staff, acquiring genetics, cloning, vegetative and flowering growth, and countless other activities.
Reaping the fruits (or flowers) of your labor is not an easy process, but rather one fraught with risk, potentially causing high levels of stress if not thoughtfully designed. Poor harvesting techniques may lower the harvest’s quality, which ultimately impacts your financial bottom line and can create potential brand and even industry damage with distribution of low-quality products.
Investing in the cannabis industry is fraught with risk. Not only do companies in the cannabis space face the same risks as other industry companies (financial, market, competition, product/ service efficacy, and more), but also adding cannabis stigmatization combined with legal and compliance risks makes the industry a minefield for investors.
Most know that the cannabis industry has grown at a rapid rate and is projected to continue to do so for the foreseeable future; thus many investors are looking to take a position in this high growth industry. Just like standard investments, considerations of revenue, profit, cash, intellectual property and proprietary components, management team experience and market size are very important. However, it is advisable to proceed with caution and to spend adequate time familiarizing yourself with the legal and compliance burdens of the cannabis businesses, as well as industry developments and pertinent policy trends, in order to truly assess risk.
Cannabis Business Executive ranked 3C number 67 in their list of the top 100 ancillary businesses in the commercial cannabis industry. We’re proud to have earned a place among the most influential businesses in this industry, and we look forward to continued success.
Click the link below to view the entire list.
Read More : https://www.cannabisbusinessexecutive.com/2016/06/cannabis-business-executive-100-top-ancillary-businesses/
What are the marijuana laws in the specific region you plan to invest in? Does the business have a competitive advantage and is their plan scalable? Is the team you are planning to invest in qualified? How big is the market in the specific area you intend to operate in and are there regulations in place that may limit growth? What is the potential ROI and exit strategy? Check out this linked article by 3C’s Nic Easley for more details.
Fertilization problems are among the most common that we encounter when working to improve cultivation operations. Frequently, the root cause of the problem is a misunderstanding of plant physiology, which leads to growers simply following “feed charts,” without looking to fundamental, successful approaches from established agricultural models.
In this column, we will reframe common industry perceptions of nutrients and fertilization with an introduction to the “soil food web.” We also will explain natural fertilization approaches that are inexpensive, highly productive and provide multifaceted benefits, such as pest and disease resistance. And, we include recommendations for those employing hydroponic systems, in addition to general guidance on monitoring and testing your nutrient solution, media and runoff to ensure that you are doing what is best for your plants — which translates to high-yielding, high-quality harvests.
Welcome to 3C’s first newsletter. Our goal is to provide valuable, hard-hitting news and advice for those in the cannabis and hemp industries. Throughout this journey, we hope to provide best practice tips and techniques along with industry updates that will help your cannabis business thrive. Feel free to browse the information and be sure to send feedback!
Nic Easley, chief executive officer at Comprehensive Cannabis Consulting (3C), delivered the keynote address at the first annual Cannabis Labs Conference, co-located with Pittcon. Easley begins with a discussion of the 2014 milestone when Colorado and Washington legalized recreational cannabis, opening the floodgates for a diverse range of products and business opportunities in quality and safety testing. With members of his team sitting on the Colorado Department of Agriculture’s Pesticide working group, they are working with industry leaders and regulators to comprehensively write the standards. “The industry gets regulated in 2014 in Colorado with a total of $2.7 billion in sales in the first year of the industry’s history,” says Easley. “We have this giant influx of business, but without process validation, good agricultural practices and proper SOPs, each state is left to fend for themselves to write regulations.”
In Part I of this two-part series — titled “Successful Expansion of Your Cultivation Operation: A Pre-Construction Guide” — we addressed questions of whether or not you should expand, things to take into account while planning the process and designing your expanded facility, as well as legal and compliance considerations. In this column, we continue exploring how to effectively and successfully scale up, focusing on important issues to take into account in three key areas: Construction, staff preparation and management, and crop propagation.