For those of us that have been in the Nevada Marijuana world for a while, we know that the growing trend is to become vertically integrated. The reasons behind this movement include, but are not limited to, quality and price control. But…what does this mean for all of the businesses that are not setup to integrate, or are in the process of doing so? Read some tips and thoughts below:
Talk to Fellow Cannabis Businesses
The greatest resources are usually those we overlook – our fellow business owners and workers, particularly those who have been in the business for a while. Something else overlooked? Businesses in States who have had marijuana programs longer than Nevada, such as Colorado and Washington. In our experience, businesses are happy to talk about their own stories and answers questions around success. So do some research, find the ones who are most successful, and ask them how they’ve maintained it! Look for other business that are recently integrated or thriving without it. If Integration is the key to success, the businesses that are flourishing should know why and be able to give tips and tricks to those trying to get to their level.
Work hard on your own Quality Control
In a business that is becoming more and more vertically integrated, the importance of quality is higher than ever. If, from your research and talking to others, integrating isn’t in your near future, focus on making sure that your product offering is truly one of the best in the State. Take the time to perfect your craft, so that people cannot help but want, and need your product. This also means putting the necessary steps in place to secure your integration down the line or building a strong success plan for remaining non-integrated.
If you haven’t done so already, work on building strong partnerships with businesses on the other side of the product than you. These relationships can create an integrated feeling and provide the same benefits for both you and your partner. This holds particularly true when the problem of limited licenses come into play. The partners you make can help to legitimize your business, and visa-versa. In a world where crops are everything, and quality means success vs. failure, taking the time to build genuine, sustainable partnerships with others is a key success factor.
In addition to the above, make sure you are an expert in the industry. Stay up to date on the latest license releases, compliance changes, and trends in consumer needs. While integration is important, know all your options before deciding that’s the right path for your business. And take the time to hire the resources and help you need to make the right decision. Proper planning on the front end, will save you time and money, no matter what direction you take.