Cannabis Business: Step-by-Step Startup Guide , livre ebook

LEGAL DISCLAIMER
This book and its contents are intended for educational purposes only and should in no way be interpreted as medical, legal, or any other advice concerning the cultivation, sale, or any other use of marijuana, which although legal in some states and local jurisdictions throughout the United States, is at the time of publication of this book illegal under federal law, as well as in other states and local jurisdictions. The author and publisher do not advocate violating applicable law. Because of the variety of laws, regulations, and ordinances concerning marijuana and the fact that the advice and strategies contained herein may not be suitable for your situation, the author and publisher, make no expressed or implied warranties and assume no liability whatsoever, concerning the accuracy or reliability of the information contained herein, including warranties about the legality of, or likelihood of success in, conducting a cannabis business. The author and publisher recommend that anyone reading this book research applicable laws, and consult with appropriate licensed professionals and other experts, before taking any action in connection with, or based on, the contents of this book.
Entrepreneur Press, Publisher
Cover Design: The Staff of Entrepreneur Media, Inc.
Production and Composition: Eliot House Productions
2018 by Entrepreneur Media, Inc.
All rights reserved.
Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without permission of the copyright owner is unlawful. Requests for permission or further information should be addressed to the Business Products Division, Entrepreneur Media Inc.
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.
Cannabis Business: Step-by-Step Startup Guide ISBN: 978-1-61308-397-0
Previously published as
Start Your Own Cannabis Business , ISBN: 978-1-61308-391-8, 2016 by Entrepreneur Media, Inc., All rights reserved.
Start Your Own Business, 6th Edition , ISBN: 978-1-61308-300-0, 2015 by Entrepreneur Media, Inc., All rights reserved.
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Contents
Cannabis Business
Foreword by Jodie Emery
Preface
Recognizing a Light-Bulb Moment
A Wide-Open Industry
Effort + Vision = Success
Chapter 1
Introduction to Cannabis and the Marijuana Industry
Cannabis by the Numbers
How We Got Here: A Bit of History
The War on Drugs and What It Means Today
THC and CBD
The Current Legal Landscape
Understanding Cannabis Legalization in the U.S
The Cannabis Market
Medical Marijuana
Intake Methods
The Rise of a New Paradigm
Intake Methods and Market Opportunities
Another Option: Industrial Hemp
Chapter 2
The First Major Decisions
Is This Business the Right One for You?
A Unique Business Model
The Only Constant Is Change
Are You Welcome?
To Touch or Not to Touch?
Picking a Subsector
Realistic Possibilities
Your Skills
Your Competition
Conduct Initial Market Research
Research by Talking to Investors
Research by Working in the Trenches
Chapter 3
The Initial Planning
Getting Started
The Mission Statement
Getting to Know the Business Plan
The Financial Plan
Tax Code 280E
Go-to-Market Strategies
Your Legal Status
Chapter 4
The Financing Issue
The Banking Problem
Seed Capital and Series A Raises
Valuation
Chapter 5
Funding Alternatives
Family Offices
Funds, Angel Investors, and Individuals
What Investors Want to See
Follow the Leaders
Accelerators as Unique Financers
The Canopy Model
The Gateway Model
Picking Mentors Minds
Crowdfunding Alternatives
Regular Crowdfunding
Initial Coin Offerings
How to Attract Capital
Capital-Light Options
Chapter 6
The Licensing Issue
The Cannabis License
The Real Cost of a License
Procuring a Cannabis License
Surging Complexity
Product Licensing and Final Advice
Chapter 7
Setting Up Shop
T Minus 5: Building Your Team
T Minus 4: Branding Yourself
Crafting Your Story
A Good Story
Naming
A Strong Identity
Graphic Aspects
B2B Branding
Design on a Budget
T Minus 3: Getting Your Physical Location Ready for Business
T Minus 2: The Soft Launch
T Minus 1: The Final Audits
Chapter 8
Getting the Word Out
Marketing and Public Relations
Understanding How Public Relations Work
Does the Glove Fit?
The Importance of the Message
How to Reach the Media
Fancy a Mainstream Feature?
Print and Digital: Getting on High Times
Social Media
The Full Ecosystem
Ways to Engage Customers
Celebrity Endorsements
Chapter 9
Common Post-Startup Issues
Watch Your Back
Bankruptcy and Receivership
Navigating Turbulent Waters
Planning Ahead
Paying Taxes
Compliance: The Never-Ending Concern
Chapter 10
Growing and Becoming a Multilocation or Multistate Company
Differentiate
Raise More Money
Get More Help
Customer Service
Give Back
Going Multilocation
Going Multistate
Chapter 11
Get Fired Up
Appendix
Cannabis Business Resources
General Resources
Data Analytics Companies
Compliance Software
Family Office Experts
Venture Capital Funds, Angel Investing Organizations, and Private Equity Firms
Industry-Specific Holding Companies
Cannabis Business Accelerators and Incubators
Traditional Accelerators Accepting Cannabis Businesses
Cannabis Crowdfunding Platforms
Recommended Reads
Public Relations Firms
Cannabis-Focused Customer Engagement Firms
People Interviewed for this Book
Glossary
Index
Start Your Own Business
ON YOUR MARK . . .
P ART 1
THINK
CHAPTER 1
Introduction
CHAPTER 2
Taking the Plunge: Get Ready to Be an Entrepreneur
CHAPTER 3
Good Idea!: How to Get an Idea for Your Business
CHAPTER 4
Good Timing: Should You Launch Your Business Part or Full Time?
CHAPTER 5
Build It or Buy It?: Starting a Business vs. Buying One
P ART 2
PLAN
CHAPTER 6
Choose Your Target: Defining Your Market
CHAPTER 7
If You Build It, Will They Come?: Conducting Market Research
CHAPTER 8
The Name Game: Naming Your Business
CHAPTER 9
Make It Legal: Choosing a Business Structure
CHAPTER 10
Plan of Attack: Creating a Winning Business Plan
CHAPTER 11
Call in the Pros: Hiring a Lawyer and an Accountant
P ART 3
FUND
CHAPTER 12
All in the Family: Financing Starts with Yourself and Friends and Relatives
CHAPTER 13
Nothing Ventured, Nothing Gained: How to Find and Attract Investors
CHAPTER 14
Looking for Loans: The Ins and Outs of Debt Financing
CHAPTER 15
Fed Funds: How to Get Government Loans
GET SET
P ART 4
PREPARE
CHAPTER 16
What s Your Deal?: Negotiating Successfully by Cliff Ennico
CHAPTER 17
Site Seeking: Choosing a Location for Your Business
CHAPTER 18
Looking Good: Creating a Professional Image
CHAPTER 19
Stock Answers: The Lowdown on Inventory
CHAPTER 20
It s in the Mail: Setting Up Mailing Systems
CHAPTER 21
Charging Ahead: Offering Your Customers Credit
CHAPTER 22
Cover Your Assets: Getting Business Insurance
CHAPTER 23
Staff Smarts: Hiring Employees
CHAPTER 24
Perk Up: Setting Employee Policies and Benefits
P ART 5
BUY
CHAPTER 25
Buyer s Guide: Business Equipment Basics
CHAPTER 26
Business 24/7: Using Technology to Boost Your Productivity
CHAPTER 27
Net Works: Building Your Company Website
CHAPTER 28
Keep in Touch: Using Technology to Stay Connected
GO
P ART 6
MARKET
CHAPTER 29
Brand Aid: Building a Brand
CHAPTER 30
Marketing Genius: Advertising and Marketing Your Business
CHAPTER 31
Talking Points: How to Promote Your Business
CHAPTER 32
Sell It!: Effective Selling Techniques
CHAPTER 33
Now Serving: Offering Superior Customer Service
P ART 7
ENGAGE
CHAPTER 34
Net Sales: Online Advertising and Marketing
CHAPTER 35
Social Studies: Social Media Marketing
CHAPTER 36
Can You Relate?: Social Media Networking
P ART 8
PROFIT
CHAPTER 37
Keeping Score: The Basics of Bookkeeping by J. Tol Broome Jr.
CHAPTER 38
Making a Statement: How to Create Financial Statements by J. Tol Broome Jr.
CHAPTER 39
On the Money: Effectively Managing Your Finances by J. Tol Broome Jr.
CHAPTER 40
Pay Day: How to Pay Yourself
CHAPTER 41
Tax Talk: What You Need to Know About Your Taxes by Joan Szabo
APPENDIX
Business