The cannabis industry has consistently grown in visibility and profitability since its inception. It’s no surprise that many intelligent entrepreneurs and investors are thinking about getting involved. However, cannabis businesses often face unique challenges that aren’t present in other industries, and it’s increasingly difficult to stand out with so much competition. There are many ways to give yourself a leg up and expand your business, but it can be tricky to know where to start. Keep reading to learn about three tips for growing and protecting your cannabis business.
1. Use eco-friendly packaging alternatives.
There are many ways to package cannabis products, but one of the best ways to handle packaging for your cannabis company is by opting for eco-friendly alternatives. Businesses like Cool Jarz make it easier than ever for cannabis companies to access more sustainable containers for their products. Their mission is to reduce the effect that packaging has on global plastic waste, and their packaging solutions are socially responsible, eco-friendly, and recyclable.
Research has shown that consumers are increasingly interested in purchasing products from brands that share their values or that they perceive as purpose-driven. Environmentalism is an important value for millions of people all over the world. It makes financial and moral sense to commit to sustainability in your business. One of the easiest and most effective ways to do that is by using eco-friendly containers and packaging, which can turn an essential part of your business operations into a way to show what your company stands for.
2. Develop new and innovative products.
The product diversity within the cannabis industry has played a significant role in its success and development. There are few things you can do that will have a larger overall impact on your business than developing products that attract the attention of potential customers. You can find cannabis-infused into everything from cosmetics to coffee, so the only limit is your imagination. Cannabis oils, edibles like gummies, and topical creams are especially popular.
You will need to be conscious of the legal landscape surrounding cannabis in your area. While CBD products are legal on a federal level, they’re prohibited from containing more than .3 percent THC. Marijuana products, which typically contain much more THC than that, remain illegal federally. That means that if you want to work with marijuana products, you’ll need to look into your state’s laws. Fortunately, legalization is gaining momentum, and there are already 36 states which permit medical marijuana and 18 states that allow recreational use.
3. Insure your business.
Cannabis businesses can occasionally struggle with logistics, like obtaining insurance. Fortunately, there are cannabis insurance solutions designed specifically for those in the industry. You can purchase multiple lines of insurance for all parts of your cannabis operation, including medical science, construction, and agriculture. While some traditional insurers take clients who work in cannabis, it’s a better idea to work with a company that you know you can trust with your business. You can also feel confident that they have plenty of experience dealing with specific issues in the cannabis industry.
Keep in mind that you should always inform your consumers that it’s best to check with a doctor before trying cannabis for the first time. A doctor can better explain how cannabis could impact any health conditions they have or interact with medications they’re currently prescribed.
When planning for your business, logistics like insurance are a good place to start. If you are a business owner, it’s necessary to do everything you can to capitalize on the interest in cannabis products that currently exist. There’s no replacement for having high-quality products to sell, but it’s important to go further than that if you want to succeed. Additions like eco-friendly packaging can help attract customers who care about sustainability. No matter what approach you take, there’s never been a better time to work in cannabis.