Are you looking to open a cannabis business? Well, you’re looking at the right industry at this time. The green rush is real. The cannabis industry is projected to grow. Considered to be one of the top ten fastest-growing industries with a growth rate of 27.25%, now is the right time to get involved. On December 4th, 2020, The US Federal government House of Representatives approved Federal cannabis legalization. On top of this, the United Nations just voted to reclassify cannabis and cannabis products as a less dangerous drug. All signs point to an explosion in business opportunities and increased demand over the next few years.
Even though the industry is expected to increase rapidly during this period, seizing this opportunity may prove challenging, and it does not guarantee long-term business success and revenue growth for everyone who decides to get in. Aside from taking action to become part of the industry, one must have a plan for long-term success, secure funding, and the passage of licensure where you might be one of many applicants with only a limited amount of licenses granted.
If you are looking to get funding for your cannabis business, this is no easy task. Each lending source, whether a bank or investor, will require a formal business plan. That plan will need to sell them on the idea that you have everything covered from compliance to long-term profitability. Finding someone who will be a lender will be a challenge, but it’s not so much that you can’t find a lender, it’s that you want to find a lender who gives you the most favorable terms. This is why what you write in your plan is so critical.
When it comes to being awarded a cannabis business license in the next few years, most state licensing scenarios will require you have one of the top graded proposals to be granted a license over other competing applicants. For example, there were 700 applicants in Illinois this year and only 75 dispensary licenses were to be awarded. In your business plan and strategy, it is essential that everything from your partners, seed-to-sale security and tracking, and funding requirements, be competitive. Anything short of this can result in throwing away thousands of dollars in application fees and waiting years to get another chance.
Even after getting over your funding hurdle and achieving license approval, your business plan serves an even more important purpose: your long-term success. Cannabis companies, like any business, can fail. There is no guarantee of success. However, your business plan’s quality, especially your financial plan, security solutions, and compliance expertise, will help keep your organization healthy and thriving long-term.
This is why Cannaspire leverages our cannabis business plan consulting, writing, consulting, marketing strategy, and security/compliance expertise to offer you our Business Plan Writing Services. When working with our cannabis business plan consultants, you can benefit from:
Planning expertise and input from experienced cannabis industry professionals
Professionally created high-scoring business plans that win licenses
Written to attract investors
Avoid Costly Cannabis business plan errors and oversights
Our process starts with our intake meeting where we will go over your vision and your goals to build a foundation for the success of your plan.
Cannaspire will write a precise plan specific to your needs and goals. This process includes revisions. After you receive your first draft of the business plan you will have the opportunity for up to three rounds of revisions.
At the completion of the plan, you will receive a PDF version, a Word version, and an Excel document including built-in formulas. All documents are fully editable for your future benefit.
Looking to learn more about this service? Seek guidance from industry experts. Fill out the form below and request your consultation today!