We wanted to give our members direct insight from a New Jersey cannabis insider…
This week, we are excited to bring you an exclusive interview with Lorna O’Hara, the Executive Director of the New Jersey Marijuana Retail Association.
The New Jersey Marijuana Retail Association is a trade organization of responsible retailers organized in anticipation of New Jersey legalizing marijuana for recreational use.
As you know, we’ve discussed how New Jersey could become a major player in the cannabis market not just on the East Coast, but throughout the United States.
Even if there’s still a little bit of a hold up in legalization for the Garden State, it’s all a question of “when” and not “if” the state allows recreational cannabis use.
That’s why we wanted to pick her brain on what it takes to run a successful cannabis firm to not only help those of you out there who are interested in starting your own marijuana business, but to also show you what she looks for in a good company.
Here is more from Lorna…
Networking is part of any businesses prescription for success. Specifically for the cannabis industry, the clues to the future exist now. Through interaction with individuals, either already in the cannabis industry or looking to get in, one is able to look at the forces that affect their businesses’ future.
Meeting people in multiple sectors of the cannabis industry enables you to conduct an environmental scan that focuses your business on what is relevant to its strategy and future.
Through building relationships and taking inventory on what is new, emerging, and important, scanning and trend analysis helps you reach consensus on your business direction.
Comply with State Regulations
Complying with state regulations is not a unique requirement carved out for the cannabis industry.
Adherence is of paramount importance for any business, especially an industry that is operating under a state and federal microscope. Businesses cannot pick and choose among the regulatory requirements.
The business must have procedures in place so that the business will be fully aware of compliance issues. Ultimately, a good program for managing regulatory compliance involves retaining a public affairs firm familiar with government operations.
As this new industry evolves, there will be regulatory modifications, additions, and possible deletions, and it is best to have an advisory arm navigating your business through the process.
Get Engaged in Advocacy
These are particularly exciting and frustrating times for the cannabis industry, in that the landscape is unclear and, for the most part, in the hands of state and federal governing bodies.
Most everything that happens in Congress and in your State Legislature will affect your workforce, your consumers, and your bottom line. Businesses that achieve legislative success are the ones driving home their messages through their government relations team, lobbyists, and grassroots programs.
Again, since the cannabis business is in its embryonic stage, the challenge is in anticipating next legislative steps, which is preferable to reacting. However, if governing officials don’t hear about your issue, it won’t be a priority for them, so developing a plan to engage and develop relationships is key for a successful future.
Assemble a Diverse Team
Diversity and inclusion has earned its place as a key business strategy in any industry that focuses on sustaining successful growth and meeting societal imperatives.
Given our country’s evolving multicultural demographics, businesses now have the opportunity to expand their product to a multitude of markets and groups.
Assembling a diverse team with different skill sets and backgrounds increases the capabilities to understand larger pools of consumers, as well as the importance of investing in communities where it operates.
Given the social justice component associated with legalization, it is important that the industry as a whole makes diversity and inclusion part of their brand and business plan.
We’d like to thank Lorna for taking the time to talk to the NICI staff!
Moving forward, we’re going to look to bring you, our valued members, exclusive content just like this.
No One Expected the CBD Market to Explode
The CBD market is so hot… it’s expected to grow FASTER than the overall cannabis industry. For investors, this is creating an unprecedented wave of profit opportunities. We’ve been keeping close track of the movers and shakers in the CBD market for a few years now. And today, we want to tell you about two breakout companies that have the potential to turn even a small investment into once-in-a-lifetime gains.
13 responses to “Exclusive Interview: 4 Tips for Launching a Successful Cannabis Business”
June 16 2019