Prepare While Waiting For THC Consumables to Become Legalized

by | Dec 11, 2017 | Cannabis Consumables

Waiting for legalization:

Are you interested in venturing into the lucrative business of THC and CBD consumable products, but the state you’re in has not yet passed legislation to legally sell or produce? Then make for a great opportunity to get prepared for the business, there are a number of items to complete well before legalization and grand opening. Keep in mind, the business the cannabis business is like any other manufacturing business, with the exception of additional laws to abide by. THC products require additional processes in legal terms, so best be ready well in advance of becoming legal.

Allocate six months for preparation:

Tasks to complete prior to opening a cannabis business:

  • Stay current with state legal notifications to keep up with the state’s position to legalize cannabis as medical, recreational or both
  • Review examples of the state’s application and process 
  • Secure an attorney specializing in cannabis processing and sales 
  • Know the type of license required for your operation
  • Secure a tax account specializing in the cannabis industry and current tax law
  • Know the state or county health agency that will be conducting inspections and issue a license to operate   
  • Know the health department requirements to manufacture consumable goods
  • Determine if your customer will be B2B or B2C
  • Determine if your manufacturing facility will also be a co-pack operation, making products under other brand labels  
  • Calculate the initial minimum space requirements for manufacturing and storage 
  • Check out commercial rental spaces having the ability to expand as your business grows
  • Create a budget and review/edit every two weeks
  • Determine the products you will be making during the first 6 months of operation
  • Identify the necessary manufacturing equipment, where to purchase, the cost and lead time
  • Establish a name, logo, email account and url
  • Determine if operating as an LLC or Inc is best
  • Identify the package and label used for your products  
  • Test batch and approve all flavors  
  • Meet with the government agency responsible for issuing a cannabis license to process and sell  

READ about additional tips to prepare your business.

Get prepared for the future:

There are a number of details to complete prior to starting a manufacturing business and additional tasks if the business is consumable cannabis. Contact Darryl, he will guide and work with you on each step in the process. He will save you time and money.  

 

   

Darryl David
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