When you become a cannabis business owner and start looking at the layers of licensing, you may think – it’s almost as if they want me to fail. That’s because, quite frankly, they do. Your screw-ups result in big paydays for cannabis licensing authority agencies. So, the trickier they can make it for you to succeed, the better chance of them making bank.
Don’t let the confusing and murky nature of compliance and cannabis licensing bring you down. Tighten up ship to ensure you stay afloat and to sail off into the sunset of success. Learn from others’ sinking blunders by reading this post on the three most common licensing mistakes you don’t want to make.
Mistake #1 – Not Paying Attention to the Full Scope
With MMJ and recreational businesses, it’s not just the cannabis licensing authorities that want to get their hands in your pockets. It’s also local governments, health/safety departments, or any authority and regulatory agency that can earn from legalized weed. Cannabis business owners must walk the fine line of remaining in code and in compliance with a widened scope of departments. This tends to require full-time attention in order to monitor, track and maintain.
Mistake #2 – Missing Expiration Dates
You won’t get all of your licenses at once. So, you’ll have a long list of varying expiration dates that you’ll have to keep track of, especially considering different types of cannabis licenses have different time periods for staying current. With some expiring every six months, one year, two years, etc., you’ll also need a grasp on how long it will take to prepare for the specific type of renewal, and what types of documents you’ll need.
Mistake #3 – Don’t Go It Alone
From cannabis licensing attorneys to cannabis licensing consultants – you won’t want to endure the initial licensing process alone. So many start-up brands underestimate the work it takes to be approved for a cannabis retail license or cannabis business license. Just like the purposeful confusion pertaining to compliance matters, cannabis licensing authority agencies make the licensing process just as confusing. Having a professional guide to ensure you’re including the right documents – and not flagging yourself for failure – is key.
The Final Word: Learn from Other’s Mistakes
Instead of creating learning lessons of your own, learn from other’s mistakes. These common licensing pitfalls are all too easy to fall into. Now that you know what to avoid, you can easily implement simple procedures to avoid fines, violations and even possible closures.
Staying in-tune with the latest industry news, along with advice from professionals is just one way to do so. Partnering with a cannabis licensing consultant who has the experience you need to succeed is another. Contact Coyle today to learn how we help streamline cannabis licensing operations to keep profits in your pocket.