10 Kush Commandments: Navigating the Complex Cannabis Industry

As 2023 draws to a close, the Essence Wellness team takes a moment to reflect on the journey towards licensing and the invaluable lessons learned. Here are the “10 Kush Commandments” – essential guidelines for navigating the complex landscape of the cannabis industry. 1. Reflect on Learnings In the ever-evolving cannabis industry, staying informed is crucial. Reflect on the lessons of the past year, adapt strategies accordingly, and embrace continuous improvements. Just going through the process of making this list was valuable for our team. So don’t worry, we’ll be back next year with more! 2. Importance of Community Engagement and Integration Bridge the gap between your cannabis business and the local community. Hosting events like the Criminal Record Expungement clinic at Elizabeth Public Library and tabling at the Cannabis Career Fair at Union College in Elizabeth, NJ helped us foster positive relationships with people in our area. 3. Financial Landscape In the wise words of The Notorious B.I.G., “That goddamn credit? Forget it.” Considering cannabis is not federally legal, access to secure banking, financing, and payment methods leaves cannabis entrepreneurs  in a very complex regulatory environment. 4. Industry Players and Trends Operating in an emerging industry requires that you find the right “subject-matter” experts to do business with. It is just as important to recognize the plethora of unnecessary  “Cannabis specific” service providers who are just trying to make a living off the backs of license holders. 5. Importance of Compliance and Reading Laws Don’t solely rely on the lawyers and accountants to run your business. It is highly recommended that business owners familiarize themselves with state and federal regulations. Compliance is key to long-term success and credibility in the cannabis sector. 6. Patience is a Virtue The road to operational success is filled with unexpected hurdles, such as waiting for license updates from regulatory bodies to experiencing delays in the construction process. Exercise patience, resilience, and strategic planning to overcome challenges on the journey to success. 7. Stakeholder Engagement Identify and engage key stakeholders, from family members to potential investors and local officials. Building strong relationships can positively influence your cannabis business’ public image. 8. Supply Chain Management Attend industry events to network with regulators, suppliers, and competitors. Stay updated with industry news to adapt and thrive in a dynamic marketplace. Look at each license type as a piece of the supply chain and start to develop your own supply chain. 9. Develop a Strategy for Business Development Participate in conferences and local events to expand your network. Develop a comprehensive business plan, outlining timelines and construction plans for sustainable growth. 10. Know Your Market and Location Understand your value proposition and role in the industry. Secure zoning approvals and ensure the municipality is supportive of cannabis businesses in your chosen location. In conclusion, these “10 Kush Commandments” serve as a compass for entrepreneurs navigating the overregulated and overtaxed cannabis industry.