July 21, 2023 • 12 mins
Ready to take the cannabis industry by storm? With our guidance, you'll learn how to strategically expand your cannabis business across multiple locations or states. We cover everything from the importance of reviewing your current operations to developing a foolproof business plan and securing necessary financing. Besides that, we'll discuss how to assemble an exceptional team that can help you navigate the regulatory complexities and seize emerging opportunities.
We also dive into how to leverage multi-location and multi-state business strategies to ensure your venture's growth and competitiveness. Offering key insights and resources, we'll equip you to cope with the rapidly changing landscape of the cannabis industry. Join us as we explore risk management, brand enhancement, and ways to circumvent regulatory challenges. Let's conquer the cannabis industry together, defining trends and leading the way to unparalleled success.
Thank you for tuning in to 'Cann Strategy: Elevating Your Cannabis Business Venture'. Our mission is to empower cannabis investors, business owners, and entrepreneurs with rarely shared insider knowledge to navigate the fast-growth cannabis industry.
If you found value in this episode, please leave a review on your favorite podcast platform or share it with a friend. It makes a world of difference.
Also, don't forget to check out our website at www.cannstrategy.com for even more resources and insights into the cannabis business world. We offer a range of consulting services to help you navigate the complex cannabis industry and turn your cannabis business dream into a reality, no matter what stage of the game you're in.
Keep up with 'Cann Strategy' by following us on LinkedIn and Instagram
Have a question or topic you want us to discuss? Email us at info@cannstrategy.com
And finally, if you haven't already, hit that subscribe button so you won't miss our next episode. See you next time on 'Weed Works', and remember: knowledge isn't just power - it's profit!"
Prefer reading? To reference any of our episodes in written format, visit the Cann Strategy blog
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:07):
Welcome to CAN Strategy Elevating your Cannabis
Business, the podcast where wesow seeds of wisdom to cultivate
success in the cannabisindustry.
Whether you're an ambitiousentrepreneur, an insightful
investor or a forward-thinkingoperator, this podcast is your
insider pass, equipping you withcrucial tips, cutting-edge
(00:28):
trends and profound insightsdirectly from industry
frontrunners.
In each episode, we unlock thebest practices of successful
cannabis business operations,unravel regulatory complexities
and explore promisingopportunities in this dynamic
market Brought to you by CANStrategy.
With over eight years ofhands-on experience across the
(00:51):
United States, we're dedicatedto empowering you with the
knowledge and tools you need toelevate your cannabis business.
So fasten your seatbelts andprepare for a deep dive into the
heart of the cannabis businessworld.
Remember, in this ever-evolvingindustry, staying ahead is not
just about keeping up withtrends, it's about defining them
(01:13):
.
Enjoy the episode and make sureto subscribe, like and share.
Speaker 2 (01:23):
Branching out why taking your cannabis business
Multi-state is key to success.
In the past few years, thecannabis industry has become one
of the fastest growingindustries in the United States.
With more states legalizingcannabis for both medical and
recreational use, the market hasbeen growing at an
unprecedented rate.
As the industry continues tomature, business owners are
faced with a critical questionhow can they remain competitive
(01:45):
in a market that is becomingincreasingly saturated?
In this episode, we'll explorewhy planning to take your
cannabis business multi-locationor multi-state is a strong
strategy for weathering themarket and how to do it
effectively.
There are a few reasons whytaking your cannabis business
multi-location or multi-state isa strong strategy for
weathering the market.
First, as the cannabis industrybecomes more competitive, it's
(02:07):
becoming increasingly difficultfor businesses to differentiate
themselves based on qualityalone.
With so many players in themarket, it's crucial to
establish a strong brand thatresonates with customers.
One way to do this is to expandyour business to multiple
locations or states, whichallows you to increase your
brand recognition and reach abroader audience.
Another reason to take yourcannabis business multi-location
(02:29):
or multi-state is to mitigaterisk.
The cannabis industry is stillrelatively new and, as such,
it's subject to a range of legal, regulatory and market risks.
By expanding to multiplelocations or states, you can
spread out your risk and ensurethat your business is not overly
reliant on any one market orset of regulations.
This can help protect yourbusiness from unforeseen events
(02:52):
and ensure that you're able toweather any storms that come
your way.
Finally, expanding yourbusiness to multiple locations
or states can provide you withaccess to new markets and
customers.
As the cannabis industrycontinues to grow, new markets
are emerging and by expandingyour business, you can position
yourself to take advantage ofthese opportunities.
This can help you stay ahead ofthe competition and establish a
(03:14):
foothold in new markets beforeothers have the chance to do so.
If you're thinking about takingyour cannabis business
multi-location or multi-state,there are a few things you need
to consider.
Here are some steps you cantake to expand your business
successfully Review yourexisting business.
Before expanding a cannabisbusiness, it is important to
conduct a thorough review of theexisting operation to identify
(03:35):
what is working well and whatneeds to be improved in order
for the business to be worthduplicating.
This process can involve arange of activities, including
analyzing financial data,reviewing operational processes
and gathering feedback fromcustomers and employees.
One important area to focus onis financial performance.
Companies should review theirfinancial statements to
understand their revenue streams, costs and profitability.
(03:58):
This can help to identify whichproducts or services are most
profitable, as well as any areaswhere costs can be reduced.
Companies may also want toassess their cash flow and
funding needs to ensure theyhave the resources to support
expansion.
Another important area toreview is operational processes.
Companies should assess theirexisting processes and
procedures to identify anyinefficiencies or areas where
(04:20):
improvements can be made.
This may involve streamliningproduction processes, optimizing
inventory management orimproving customer service
protocols.
Finally, companies shouldgather feedback from their
customers and employees to gaininsights into what is working
well and what can be improved.
This can involve conductingsurveys, focus groups or
one-on-one interviews to betterunderstand the needs and
(04:41):
preferences of differentstakeholder groups.
By conducting a comprehensivereview of their existing
operation, companies canidentify key areas of strength
and weakness and develop aroadmap for improving and
expanding their business.
This can help to ensure thatthe expansion is successful and
that the business is ready to beduplicated in multiple
locations.
Develop a business plan Beforeyou start expanding your
(05:04):
business.
You need to develop a solidbusiness plan that outlines your
goals, objectives and the stepsyou'll take to achieve them.
This plan should include adetailed analysis of the markets
you're targeting, as well as anassessment of the risks and
opportunities associated withexpanding your business.
Determine your expansionstrategy.
Once you have a business planin place, you need to determine
(05:25):
your expansion strategy.
This may involve opening newlocations in existing markets or
expanding into new markets.
Altogether, you'll need toconsider factors such as the
regulatory environment, thecompetitive landscape and the
availability of resources whendeveloping your expansion
strategy.
A key barrier to entry in newlylegalized markets is the
licensing process.
If your business is going to gothe route of applying for new
(05:47):
licensing for your cannabisbusiness locations, gain an
understanding of the licensingprocess in each market the
timeframe when licenses areissued, the number of licenses
issued and how many licenses andwhat types of licenses a
business is allowed to hold.
If your business is going theroute of acquisition, gain an
understanding of the licensetypes available in each market,
how the license types areperforming, what the licenses
(06:09):
are worthy and what dealstructures the business will be
offering to acquisition targets.
Expanding your business willlikely require significant
capital investment, so you'llneed to secure financing to
support your growth.
Because cannabis companiesstruggle to get reasonable loans
.
Securing funding will likelyinvolve seeking out investors or
using existing resources tofund the expansion.
Whatever your financingstrategy, you'll need to be
(06:32):
strategic and careful to ensurethat you're able to meet your
financial obligations whileexpanding your business.
Build a strong team.
Expanding your business willrequire a strong team that can
support your growth and help youachieve your goals.
This may involve hiring newstaff, training existing staff
or bringing in outsideconsultants, like CAN Strategy,
to provide specialized expertise.
(06:52):
Whatever your approach, it'simportant to invest in building
a strong team that can help youexecute your expansion strategy
effectively.
Develop standard operatingprocedures for new location
opening.
Developing standard operatingprocedures SOPs for opening new
business locations is essentialfor ensuring consistency,
quality and efficiency acrossall locations.
(07:12):
Sops are step-by-step guidesthat outline how to perform
specific tasks or processes in astandardized manner.
When it comes to opening newbusiness locations, companies
should develop SOPs that cover awide range of activities, from
selecting the location andsecuring the necessary permits
and licenses to hiring andtraining staff and launching
marketing campaigns.
(07:33):
For example, companies maydevelop an SOP for site
selection that outlines thecriteria for identifying new
locations, such as proximity tomajor highways or population
centers, availability ofutilities and zoning
requirements.
The SOP may also outline theprocess for conducting site
visits, negotiating leaseagreements and obtaining any
(07:54):
necessary permits or approvals.
Similarly, companies maydevelop an SOP for staffing and
training, which outlines theprocess for recruiting, hiring
and onboarding new employees.
This may include developing jobdescriptions and posting job
listings, conducting interviewsand creating training programs
to ensure that employees havethe necessary skills and
knowledge to perform their jobseffectively.
(08:15):
By developing comprehensiveSOPs for each stage of the
process, companies can ensurethat each new location is opened
in a consistent and efficientmanner, regardless of who is
responsible for the task.
This can help to minimizeerrors and reduce the risk of
regulatory compliance issues,while ensuring that each
location meets the same highstandards of quality and service
(08:35):
.
With a well-defined set ofprocesses in place, companies
can more effectively manageinventory, production and
distribution, while ensuringconsistent quality and
compliance with regulatoryrequirements, even in varying
regulatory environments.
This consistency and efficiencyare key to scaling a cannabis
business, while minimizing therisks of regulatory compliance
(08:57):
issues or product qualityproblems.
Take it one step at a time.
When it comes to expanding acannabis business, it can be
tempting to try to grow tooquickly and open multiple
locations all at once.
However, this approach can berisky, as it may lead to a lack
of consistency in performanceacross locations, ultimately
diluting the value of thebusiness.
(09:18):
To avoid this, it is importantto take a deliberate and
intentional approach toexpansion, focusing on
establishing and developing eachnew location step by step.
This may involve conductingthorough market research to
identify new opportunities,carefully selecting the right
location and site, anddeveloping a comprehensive
business plan that takes intoaccount factors such as
regulatory compliance, staffingand marketing.
(09:40):
By focusing on these criticalsteps and ensuring that each new
location is developed with thesame level of attention and care
as the original business,companies can maintain
consistency in their productofferings and service quality,
even as they grow.
This, in turn, can help tobuild a strong brand reputation
and customer loyalty, ultimatelydriving long-term success in
(10:01):
the cannabis industry Overall.
While expanding a cannabisbusiness to multiple locations
or states is a significantundertaking, it can offer many
benefits in the long term, fromincreased revenue and market
share to diversification andoperational efficiencies.
By planning and executing theexpansion intentionally,
businesses can set themselves upfor success in a competitive
(10:23):
and rapidly evolving industry.
Speaker 1 (10:30):
That brings us to the end of another enlightening
episode of CAN Strategyelevating cannabis business
ventures.
Remember, whether you're anaspiring entrepreneur with a
burning idea, an investorseeking lucrative opportunities
in the cannabis space, or anestablished business aiming to
scale up, we're all navigatingthis dynamic industry together.
(10:51):
Sharing knowledge andexperiences isn't just
beneficial it's pivotal to ourcollective success in this
vibrant sector.
As always, this episode isbrought to you by CAN Strategy,
your reliable partner incannabis business development.
With over eight years ofexperience in the cannabis
industry across the UnitedStates, can Strategy offers
(11:13):
unparalleled consulting services, ranging from license
applications, cannabis startupand development strategy to
operational guidance aboutoverlooked adjustments that can
take your cannabis business tothe next level of performance.
If you found today's episodevaluable, consider leaving us a
review, share it with a fellowcannabis entrepreneur or
(11:35):
investor and hit the subscribebutton to stay ahead of the
curve with the latest trends andinsider tips in the cannabis
industry.
Until next time, this is CANStrategy elevating your cannabis
business ventures, whereknowledge isn't just power.
It's your ticket to unrivaledgrowth and success in the
cannabis industry.
Stay savvy and keep growing.
Welcome to CAN Strategy Elevating your Cannabis
Business, the podcast where wesow seeds of wisdom to cultivate
success in the cannabisindustry.
Whether you're an ambitiousentrepreneur, an insightful
investor or a forward-thinkingoperator, this podcast is your
insider pass, equipping you withcrucial tips, cutting-edge
(00:28):
trends and profound insightsdirectly from industry
frontrunners.
In each episode, we unlock thebest practices of successful
cannabis business operations,unravel regulatory complexities
and explore promisingopportunities in this dynamic
market Brought to you by CANStrategy.
With over eight years ofhands-on experience across the
(00:51):
United States, we're dedicatedto empowering you with the
knowledge and tools you need toelevate your cannabis business.
So fasten your seatbelts andprepare for a deep dive into the
heart of the cannabis businessworld.
Remember, in this ever-evolvingindustry, staying ahead is not
just about keeping up withtrends, it's about defining them
(01:13):
.
Enjoy the episode and make sureto subscribe, like and share.
Speaker 2 (01:23):
Branching out why taking your cannabis business
Multi-state is key to success.
In the past few years, thecannabis industry has become one
of the fastest growingindustries in the United States.
With more states legalizingcannabis for both medical and
recreational use, the market hasbeen growing at an
unprecedented rate.
As the industry continues tomature, business owners are
faced with a critical questionhow can they remain competitive
(01:45):
in a market that is becomingincreasingly saturated?
In this episode, we'll explorewhy planning to take your
cannabis business multi-locationor multi-state is a strong
strategy for weathering themarket and how to do it
effectively.
There are a few reasons whytaking your cannabis business
multi-location or multi-state isa strong strategy for
weathering the market.
First, as the cannabis industrybecomes more competitive, it's
(02:07):
becoming increasingly difficultfor businesses to differentiate
themselves based on qualityalone.
With so many players in themarket, it's crucial to
establish a strong brand thatresonates with customers.
One way to do this is to expandyour business to multiple
locations or states, whichallows you to increase your
brand recognition and reach abroader audience.
Another reason to take yourcannabis business multi-location
(02:29):
or multi-state is to mitigaterisk.
The cannabis industry is stillrelatively new and, as such,
it's subject to a range of legal, regulatory and market risks.
By expanding to multiplelocations or states, you can
spread out your risk and ensurethat your business is not overly
reliant on any one market orset of regulations.
This can help protect yourbusiness from unforeseen events
(02:52):
and ensure that you're able toweather any storms that come
your way.
Finally, expanding yourbusiness to multiple locations
or states can provide you withaccess to new markets and
customers.
As the cannabis industrycontinues to grow, new markets
are emerging and by expandingyour business, you can position
yourself to take advantage ofthese opportunities.
This can help you stay ahead ofthe competition and establish a
(03:14):
foothold in new markets beforeothers have the chance to do so.
If you're thinking about takingyour cannabis business
multi-location or multi-state,there are a few things you need
to consider.
Here are some steps you cantake to expand your business
successfully Review yourexisting business.
Before expanding a cannabisbusiness, it is important to
conduct a thorough review of theexisting operation to identify
(03:35):
what is working well and whatneeds to be improved in order
for the business to be worthduplicating.
This process can involve arange of activities, including
analyzing financial data,reviewing operational processes
and gathering feedback fromcustomers and employees.
One important area to focus onis financial performance.
Companies should review theirfinancial statements to
understand their revenue streams, costs and profitability.
(03:58):
This can help to identify whichproducts or services are most
profitable, as well as any areaswhere costs can be reduced.
Companies may also want toassess their cash flow and
funding needs to ensure theyhave the resources to support
expansion.
Another important area toreview is operational processes.
Companies should assess theirexisting processes and
procedures to identify anyinefficiencies or areas where
(04:20):
improvements can be made.
This may involve streamliningproduction processes, optimizing
inventory management orimproving customer service
protocols.
Finally, companies shouldgather feedback from their
customers and employees to gaininsights into what is working
well and what can be improved.
This can involve conductingsurveys, focus groups or
one-on-one interviews to betterunderstand the needs and
(04:41):
preferences of differentstakeholder groups.
By conducting a comprehensivereview of their existing
operation, companies canidentify key areas of strength
and weakness and develop aroadmap for improving and
expanding their business.
This can help to ensure thatthe expansion is successful and
that the business is ready to beduplicated in multiple
locations.
Develop a business plan Beforeyou start expanding your
(05:04):
business.
You need to develop a solidbusiness plan that outlines your
goals, objectives and the stepsyou'll take to achieve them.
This plan should include adetailed analysis of the markets
you're targeting, as well as anassessment of the risks and
opportunities associated withexpanding your business.
Determine your expansionstrategy.
Once you have a business planin place, you need to determine
(05:25):
your expansion strategy.
This may involve opening newlocations in existing markets or
expanding into new markets.
Altogether, you'll need toconsider factors such as the
regulatory environment, thecompetitive landscape and the
availability of resources whendeveloping your expansion
strategy.
A key barrier to entry in newlylegalized markets is the
licensing process.
If your business is going to gothe route of applying for new
(05:47):
licensing for your cannabisbusiness locations, gain an
understanding of the licensingprocess in each market the
timeframe when licenses areissued, the number of licenses
issued and how many licenses andwhat types of licenses a
business is allowed to hold.
If your business is going theroute of acquisition, gain an
understanding of the licensetypes available in each market,
how the license types areperforming, what the licenses
(06:09):
are worthy and what dealstructures the business will be
offering to acquisition targets.
Expanding your business willlikely require significant
capital investment, so you'llneed to secure financing to
support your growth.
Because cannabis companiesstruggle to get reasonable loans
.
Securing funding will likelyinvolve seeking out investors or
using existing resources tofund the expansion.
Whatever your financingstrategy, you'll need to be
(06:32):
strategic and careful to ensurethat you're able to meet your
financial obligations whileexpanding your business.
Build a strong team.
Expanding your business willrequire a strong team that can
support your growth and help youachieve your goals.
This may involve hiring newstaff, training existing staff
or bringing in outsideconsultants, like CAN Strategy,
to provide specialized expertise.
(06:52):
Whatever your approach, it'simportant to invest in building
a strong team that can help youexecute your expansion strategy
effectively.
Develop standard operatingprocedures for new location
opening.
Developing standard operatingprocedures SOPs for opening new
business locations is essentialfor ensuring consistency,
quality and efficiency acrossall locations.
(07:12):
Sops are step-by-step guidesthat outline how to perform
specific tasks or processes in astandardized manner.
When it comes to opening newbusiness locations, companies
should develop SOPs that cover awide range of activities, from
selecting the location andsecuring the necessary permits
and licenses to hiring andtraining staff and launching
marketing campaigns.
(07:33):
For example, companies maydevelop an SOP for site
selection that outlines thecriteria for identifying new
locations, such as proximity tomajor highways or population
centers, availability ofutilities and zoning
requirements.
The SOP may also outline theprocess for conducting site
visits, negotiating leaseagreements and obtaining any
(07:54):
necessary permits or approvals.
Similarly, companies maydevelop an SOP for staffing and
training, which outlines theprocess for recruiting, hiring
and onboarding new employees.
This may include developing jobdescriptions and posting job
listings, conducting interviewsand creating training programs
to ensure that employees havethe necessary skills and
knowledge to perform their jobseffectively.
(08:15):
By developing comprehensiveSOPs for each stage of the
process, companies can ensurethat each new location is opened
in a consistent and efficientmanner, regardless of who is
responsible for the task.
This can help to minimizeerrors and reduce the risk of
regulatory compliance issues,while ensuring that each
location meets the same highstandards of quality and service
(08:35):
.
With a well-defined set ofprocesses in place, companies
can more effectively manageinventory, production and
distribution, while ensuringconsistent quality and
compliance with regulatoryrequirements, even in varying
regulatory environments.
This consistency and efficiencyare key to scaling a cannabis
business, while minimizing therisks of regulatory compliance
(08:57):
issues or product qualityproblems.
Take it one step at a time.
When it comes to expanding acannabis business, it can be
tempting to try to grow tooquickly and open multiple
locations all at once.
However, this approach can berisky, as it may lead to a lack
of consistency in performanceacross locations, ultimately
diluting the value of thebusiness.
(09:18):
To avoid this, it is importantto take a deliberate and
intentional approach toexpansion, focusing on
establishing and developing eachnew location step by step.
This may involve conductingthorough market research to
identify new opportunities,carefully selecting the right
location and site, anddeveloping a comprehensive
business plan that takes intoaccount factors such as
regulatory compliance, staffingand marketing.
(09:40):
By focusing on these criticalsteps and ensuring that each new
location is developed with thesame level of attention and care
as the original business,companies can maintain
consistency in their productofferings and service quality,
even as they grow.
This, in turn, can help tobuild a strong brand reputation
and customer loyalty, ultimatelydriving long-term success in
(10:01):
the cannabis industry Overall.
While expanding a cannabisbusiness to multiple locations
or states is a significantundertaking, it can offer many
benefits in the long term, fromincreased revenue and market
share to diversification andoperational efficiencies.
By planning and executing theexpansion intentionally,
businesses can set themselves upfor success in a competitive
(10:23):
and rapidly evolving industry.
Speaker 1 (10:30):
That brings us to the end of another enlightening
episode of CAN Strategyelevating cannabis business
ventures.
Remember, whether you're anaspiring entrepreneur with a
burning idea, an investorseeking lucrative opportunities
in the cannabis space, or anestablished business aiming to
scale up, we're all navigatingthis dynamic industry together.
(10:51):
Sharing knowledge andexperiences isn't just
beneficial it's pivotal to ourcollective success in this
vibrant sector.
As always, this episode isbrought to you by CAN Strategy,
your reliable partner incannabis business development.
With over eight years ofexperience in the cannabis
industry across the UnitedStates, can Strategy offers
(11:13):
unparalleled consulting services, ranging from license
applications, cannabis startupand development strategy to
operational guidance aboutoverlooked adjustments that can
take your cannabis business tothe next level of performance.
If you found today's episodevaluable, consider leaving us a
review, share it with a fellowcannabis entrepreneur or
(11:35):
investor and hit the subscribebutton to stay ahead of the
curve with the latest trends andinsider tips in the cannabis
industry.
Until next time, this is CANStrategy elevating your cannabis
business ventures, whereknowledge isn't just power.
It's your ticket to unrivaledgrowth and success in the
cannabis industry.
Stay savvy and keep growing.
Popular Podcasts
1. The Podium
The Podium: An NBC Olympic and Paralympic podcast. Join us for insider coverage during the intense competition at the 2024 Paris Olympic and Paralympic Games. In the run-up to the Opening Ceremony, we’ll bring you deep into the stories and events that have you know and those you'll be hard-pressed to forget.
2. In The Village
In The Village will take you into the most exclusive areas of the 2024 Paris Olympic Games to explore the daily life of athletes, complete with all the funny, mundane and unexpected things you learn off the field of play. Join Elizabeth Beisel as she sits down with Olympians each day in Paris.
3. iHeartOlympics: The Latest
Listen to the latest news from the 2024 Olympics.