Cannabis has been legalized in different states in the US and Canada. This has directly led to the growth of the cannabis industry. With attractive growth potential worldwide, many interested individuals and businesses want to start their cannabis entities. However, the intricate landscape of regulatory and operational complexities proves to be a big challenge for new cannabis businesses, especially in the licensing process. This is where professional Cannabis consultants like MSO & Co. play a pivotal role, making the whole procedure a hassle-free experience.
Licensing is a critical part of the cannabis business industry, which is characterized by complex regulations. To top it off, there’s a lack of clarity amongst interested entities, and only a few people know how it can be all done. The online information available is mostly incomplete. Cannabis business consulting firms are the best people to trust because they can help you 360°, from cultivation to developing products, obtaining a cannabis license, market, brand, regulations, and compliances.
In this blog, we will address how cannabis licensing consultants help businesses move through the complex landscape of regulations and licenses in the cannabis industry.
Cannabis Statistics to Prove the Industry’s Growth Potential
As cannabis cultivation steps up in the US, various polls and studies indicate different growing trends in cannabis consumption. A YouGov poll indicates that nearly 52% of adults in the country have tried marijuana, making it one of the highest percentages to date. A Gallup study points to an increase of 5% in consumption of cannabis in young adults since 2018.
Another poll conducted by Jushi reveals that the demand for cannabis is irrepressible even with inflation and cost-saving behaviors observed in customers in recent times. As of January 2023, 21 states in the US have legalized recreational cannabis and 37 states for medical purposes.
In 2023, the value of the US cannabis market is expected to be $33.8 billion. Sales in the cannabis industry in the US are projected to touch $100 billion by 2030, with revenues exceeding $60.14 billion by 2027. The industry is expected to grow at a CAGR of 15/47% between 2020 and 2027. As of early 2023, about 417,493 full-time jobs are supported due to the legal cannabis industry.
Who are Cannabis Licensing Consultants?
Cannabis licensing consultants are firms or professionals with specialized knowledge and expertise in assisting businesses and individuals navigate the intricate licensing process to operate in the highly developing cannabis industry. They possess knowledge about the regulatory requirements as well as legal frameworks that control the cannabis businesses in different jurisdictions.
Cannabis advisors specializing in cannabis licensing help businesses interpret local and state regulations, get the necessary permits, offer guidance, and submit the license application. Their services are indispensable as they help you firm the foundations of your cannabis business.
MSO & Co. is a trusted cannabis business consulting firm that simplifies your journey to success & growth in the cannabis industry. If you feel overwhelmed with legal complexities in this industry, seasoned CBD advisors at MSO & Co. can help turn your cannabis entrepreneurial dreams into reality.
The Role of Cannabis Business Consulting Firms in Licensing
Obtaining a cannabis license is not an easy task and needs meticulous preparations. It involves a lot of paperwork and attention to detail to ensure that all details are legitimate and complete. Filing the application for a license needs thorough knowledge, and a cannabis business consulting firm will offer all assistance to ensure your application is qualified.
Here is how Cannabis licensing consultants can help you license your CBD business.
1. Business Compliance
For every legal business entity, compliance is not just obligatory but also necessary to keep the business protected and safe. A cannabis business consulting firm like MSO & Co. supports your business so that the company adheres to all local, state, and federal government regulatory requirements. Whether your business grows, sells, or makes cannabis products, your company must comply with the required laws.
Cannabis advisors are experts in their job. They are well aware of the changing regulatory landscape of cannabis. Remember, local and state laws are subject to change at any time. Not only that, but the laws are different in different states and provinces, and being abreast with the laws can be pretty daunting. The good part is that cannabis consulting firms are constantly updated about the changing regulatory requirements. Therefore, they will proactively ensure that your license application gets accepted in the first instance itself.
From filing applications to guiding your business throughout from establishment to commencing commercial operations, these CBD advisors will support and guide you throughout. The advisors also help the company with the correct product labeling, best practices of record-keeping, tracking, and more.
2. Application Preparation
As mentioned before, Cannabis licensing consultants are thorough with the application process of different regions and provinces and offer guidance end-to-end in documentation work. They make sure that all the necessary details about the business, security protocols, financial plans, etc., are submitted as per the required criteria and requirements.
3. Operation Insights
Cannabis consulting firms have the requisite experience to offer insights into operational planning regarding your cannabis business. It could pertain to cultivation methods, formulations, extraction methods, standardization, QC, etc. All in all, the consultants make sure that the business operates using best practices.
4. Choosing the Right Location for Business
Having complete knowledge of local laws and the best places for setting up a thriving cannabis business, cannabis consulting firms assist and guide you when choosing the site for your business operations. Advice is given based on regional laws, security considerations, acceptance from the local community, and more.
5. Ongoing Support
Once the application is accepted and the license is granted, CBD advisors can continue supporting your business with their business connections and network. They constantly help you circumvent challenges professionally. They can also help with market research data and keep you updated about regulatory changes. They will help with audits, regulatory reporting, compliance inspections, and more.
Conclusion
Cannabis business consulting firms like MSO & Co. go the extra mile to ensure that your cannabis application for license qualifies and passes without any obstacles and hiccups. This puts your business on the success path hassle-free, especially when cannabis entrepreneurs are required to meet all regulations to run their businesses smoothly.
