Are you are an aspiring marijuana entrepreneur, or a venture capitalist or investor, looking to start the cannabis business in Maryland? A trustworthy cannabis licensing consultant will be extremely crucial to help you through every stage of the licensing process.
The next question is, out of several cannabis licensing consultants in Maryland, from a diverse array of expertise and backgrounds, how do you choose the right one?
After the legalization of medical marijuana on April 14, 2014, the cannabis industry has become very lucrative and attracted many participants to the sector. However, very few cannabis consultants have what it takes to make a business successful.
In this blog post, we are sharing some tips that will help you find the right cannabis dispensary license consultant in Maryland.
Tips to find the right cannabis consultant
Even if you are new to the cannabis industry, you can select the right consultant if you apply the following steps:
• Plan well in advance
Prior to hiring a cannabis consultant or a dispensary license consultant in Maryland, you need to plan in advance and read all regulations pertaining to your cannabis business thoroughly. Ask the consultant a few questions to help you understand all basic regulatory requirements, business operations needs, investment regulations, and legal environment. Ensure that the consultant understands what it will be responsible to deliver and dedicate the time needed for the same.
• Shortlist niche consultants based on your specific requirements
Consultancy is an umbrella term that encompasses many types of consulting — cultivation, extraction, marketing, regulations, HIPAA compliance consultants, among others. A marketing consultant is likely to be a poor adviser on legal or local cultivation techniques. So, you need to determine your specific requirements and approach a niche cannabis licensing consultant in Maryland that specializes in all stages of the licensing process.
• Do background checks
Before considering any consultant, visit their website and look at their home page, ‘About Us’ and services. This will give you a quick insight into their story, credentials, and services they offer. If possible, call and ask about some of their clients. If they give some names, feel free to call them up and ask about their experience with the consultant.
• Are they interactive enough?
Communication is key when choosing the right cannabis licensing consultants in Maryland. Apart from providing you with telephone and email support, a reliable consultant must be open for on-site interactions. As the communication between the client and the consultant has great business importance, it is best to choose a consultant who is able to meet in person. That is why, considering a consultant closer home, preferably a state-based one, will be advantageous for the business.
• Beware of equity deals
Equity deals are becoming more popular in the cannabis industry and consultants are now asking for equity or partial ownership. Consultants are generally paid by the hour or by the project. You should be wary of the ones who want equity in your business, as it violates laws and can create a large conflict of interest for them. Furthermore, the equity could breach local laws on ownership.
• Check if they are providing services to your competitors
In some states, the local administration limits the number of business licenses. If you are considering doing business or investing in one of those markets, ask the consultant if it is providing services to other licensed businesses, or those that are seeking licenses in the area. Moreover, in a finite market, a consultant catering to multiple businesses may develop conflicts of interest with one or the other.
Be it business development, HIPAA compliance, cannabis law, and venture capital, High Grade Solutions will provide expert solutions in the cannabis business and CBD space. Our services also include compliance as a service, outsourced operation management, or dispensary development, licensing consultancy for your business. Contact our team to book an appointment.
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