Busting Cannabis Misconceptions & Why This Franchise Opportunity Is Bursting with Potential
Thinking about making a foray into the burgeoning business of cannabis? If you are intrigued with the space along with the millions of other recent converts who have realized the prospects were too good to pass up—it is vital to pop a few misconception bubbles first.
Although cannabis has been on the scene forever, as early Mesopotamia, not just the late 60s, the business is still in its infancy. A quickly growing industry, extensive legal framework and legislation that varies by state make navigating the business complex. But although the industry is nascent, the culture is not.
It does not take much searching to confront long-held stereotypes about the world of cannabis – but with the industry and clientele evolving at such a brisk clip, it is helpful to separate the myth from reality. Here are a few notions about life in the cannabis business that need revising…
All Cannabis Industry Workers are Product Users
Without a doubt, there is a lot of enthusiasm about cannabis. If you have slipped into a rabbit hole with an aficionado, it is easy to believe the industry is stacked with avid product users who will talk your ear off about terpenes if given half a chance. The reality is a passion for the product is only one of many reasons people are drawn to the industry. At Unity Rd., we have about 115 employees, and only around half of them have ever consumed cannabis.
Scores of people are pulled in by the other compelling factors. Starry growth forecasts, for one—cannabis is the fastest expanding industry in the world, and as legalization sweeps the nation, is poised to blossom exponentially in the coming years.
Others see the opportunities to cut their teeth in an industry that is just taking shape. Cannabis offers an opportunity to skip ahead in career advancement—in a field this new, no one has decades of experience. It is a youth movement, in essence.
Others still are drawn in by the culture, the desire to help people or a strong belief in the lifestyle and power of cannabis.
And, those who see the value the franchise model can bring to cannabis and want to genuinely help the everyday entrepreneur successfully and compliantly enter the budding, but complex market.
Cannabis Industry Employees are Lazy
To dovetail on the previous misconception – stereotypes about cannabis users being lazy stoners are outrageously dated. While many might think that the industry is full of apathetic millennials with zero business acumen, the opposite is true.
In fact, to work in this industry, one has to bring extra hustle. Because of factors like federal prohibition, the ever-shifting regulatory environment and restrictions on banking, cannabis industry workers have to be nimble, creative problem solvers that make things work. The majority work nights and weekends to grind through the rigors of a challenging business landscape.
You Will Drive Around With Trunk Loads of Cash
Indeed, cannabis businesses do not have the same access to financial services that other industries do. As such, we are required to be more agile. It is not for the faint of heart but it is also not the wild west it once was.
Because cannabis remains federally illegal, banks with FDIC-backing are unfortunately unable to take our business. Normally, businesses have a range of payment options, and most clients choose to use plastic. But these banking prohibitions mean that credit cards are usually out, in turn making cannabis a much more cash-based business. Any business sitting on hundreds of thousands in cash can be a public safety hazard. Thankfully, the days of CFOs driving Subaru’s filled with trunk loads of cash are mostly over. At Unity Rd., we use secure armored cars to reduce any risk.
Moreover, each state now also has multiple banking solutions with local banks or credit agents that cannabis firms can cultivate relationships with.
To summarize for curious entrepreneurs or the converted: keep an eye on cannabis. The old stereotypes are fading fast as the industry evolves. It is becoming a true force to be reckoned with and a business opportunity that is bursting with potential.
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