If your state looks like it’ll be coming online in the next year or so, the time to prepare is now. Waiting until the bill passes will likely put you in a position to miss the initial opportunity.
Investors and potential franchisees make this mistake every day but we’re here to tell you, don’t wait! Think of legalization as the gunshot that kicks off the race– you have to wait for the signal to start, but that doesn’t mean you show up without your shoes and with no time to stretch. A state’s legalization timeframe is far from certain– looking at you Jersey– but there’s enough work to be done beforehand to prepare to enter the market to bide your time during the period leading up to legalization. It might seem like a risk to prepare to enter an industry that isn’t legal yet, but we’re talking about getting into cannabis. If you can’t live with some risk, then then cannabis is the wrong industry for you.
Taking the appropriate steps to prepare for entry helps you mitigate risk in the long run, so committing early can maximize your probability of success. We’ve outlined the initial steps in our franchising process previously, in short, completing the mutual investigation and developing your plan is a productive way to spend your time while the bill slogs up the legislative hill.
Franchising or not, there are fundamental things that you can be doing to construct your future dispensary’s foundation. Identifying potential candidates for site selection will help you expedite the purchase process– it’s easier to do due diligence with a short list of prime spots once zoning regulations become available. Also, while the licensing process won’t be solidified until post-legalization, that component of the campaign is so vital that you cannot begin preparing early enough. We work closely with our franchise partners at this stage to get the necessary information in order– if you’re going it alone, the process will be longer and more riddled with risk as you’ll have to start from scratch and make assumptions on what the best moves will be for you.
There’s more to do than that, but you get the picture. The gunshot that is legalization will mark the beginning of the marathon, but the time you put into preparation will have a major impact on your ability to go the distance.