Editor's Note: This article has a couple of good tips for entrepreneurs, such as finding what you're good at. A couple others, paraphrased, at a glance:
- Know the law and stay on top of changing regulations.Â
- Learn all you can about the industry, the options for products that can be created, and what's selling well and not selling well.Â
- Businesses that don't deal directly with product (marijuana) are "safer," in that they don't face the same regulations as marijuana-centric businesses.Â
- Find a niche that makes sense for your experience and knowledge base.
- Get training. Plenty of training seminars and institutes are already available.Â
- Consider hiring a consultant who knows the business. The marijuana industry landscape is fraught with hurdles and legal issues. Investing in knowledgeable help up front can save you headaches, lots of money, and in some cases, even the risk of lawsuits or worse.Â
A retired Buffalo police officer has started an online business that sells hundreds of products made from hemp. A truck driver is thinking about getting into the marijuana industry once he gets too old to stay on the road.
And a former cosmetics and fashion executive wants to offer advice to companies making pot-infused skin care and beauty products, or develop the items herself.
With more states legalizing marijuana for medical and recreational purposes, more people are looking for a way into the marijuana industry. “I want to be the East Coast’s largest retailer of hemp products,” said Steven M. Kellerman, the retired police officer, who carries his money in a hemp wallet and raves about the durability of goods made from the plant.
