Being a cannabis operator is a lot like riding a rolling coaster. There are ups and downs and surprise twists and turns at any moment. One thing for sure is that all cannabis and hemp businesses can use help from time to time. And with the stakes incredibly high, companies need to know who they can turn to—and who they can trust.
Cannabis business consultants can be beneficial for operators at various stages. From handling dispensary applications to scaling up a facility, these experts have the skill sets to fine-tune a business and bring it to the next level, from seed to sale. But how does a company know when to hire a cannabis business consultant? Here are three times you should seek out the experts.
At The Beginning
Starting a cannabis company requires hard work and a lot of complicated knowledge—knowledge that few people have given the nascent nature of the cannabis industry. Whether seeking a license or looking into ancillary services, you want people on your side who’ve been down this road before.
Cory Waggoner, CEO and founder of Higher Yields Consulting, has his team survey each potential client’s business to see where gaps in their plans may exist. Identifying such gaps and filling them gives clients the best chance at success.
“We assess a client’s situation, often from a licensing perspective. Some territories are very competitive, while others are very progressive and not competitive at all,” he explains. “Each client is very different as well. Some have backgrounds that apply to areas of the industry; some have great locations but no knowledge of the industry or capital. Knowledge is power; it saves time, and time is money for our clients.”
Waggoner’s cannabis consulting firm has seen incredible results for the operators they assist, providing support through the license application process and beyond.
Let’s say you win a license and are off to the races. There could be other occasions where cannabis business consultants may need to step back in. For example, what if your facility isn’t hitting the mark? Whether it’s decreasing sales, insect infestations, or high turnover, cannabis companies can encounter a wide range of challenges. However, the problems may actually start at the top.
“Many times, it goes a little bit deeper once we get in there,” Waggoner says. “The need for our services goes into the foundation of the business, the internal governance, how it operates day to day, how leadership trains, how they replicate and how they monitor their progress.”
Sometimes, it takes professionals on the outside to recognize these deep-rooted issues. Cannabis consultants examine the big picture, seeing if inefficiencies or breakdowns are leading to more significant obstacles.
When all goes according to plan, cannabis entrepreneurs typically want to go to the next level. This may mean cannabis cultivation companies becoming vertically integrated or retailers expanding into new markets. When scaling up, industry professionals should definitely seek out consulting services.
Cannabis business consultants can work with clients to determine their best action plan. They can help research the most impactful course, highlighting how to move upward without the growing pains. This may include looking into real estate, collecting data on states with new adult-use cannabis laws, or vetting potential partners.
Finding a world-class, full-service firm can be challenging as many lone wolves are out there promising the world. Ensure that potential partners are investigated carefully, exploring reviews and examples of past work. The last thing you want is to hire someone in over their head.
Consultants can be an ace in the hold for cannabis operators looking for long-term success. By bringing in cannabis business consultants like Higher Yields Consulting at the right time, your operation will outlast the competition.