You want to apply for a cannabis business license and have a basic understanding of what you will need to have prepared for your application. You already know the type of operation you will have, the required documents for your jurisdiction, how much cost is involved, and the basic process for applying.
But did you know that there is no guarantee that you will be granted a license simply by applying for it, having the necessary documents, and the perfect location? That’s because most jurisdictions limit the number of licenses they grant each year.
So the application process is strenuous and competitive, which means you need to really want your dream of owning the business to come true and create an application that stands out from the rest.
Business license requirements vary in every state and jurisdiction — i.e. the required documents, the terminology used by Regulators, and the licensing types. But no matter where you’re applying, Regulators are looking for outstanding applicants. Apply these five tips for creating a stand-out application.
When creating the narrative for your application, you’ll need to share more than your plans for operating the business. Regulators want to know why you are wanting to get into the business to begin with.
Knowing the ‘why’ behind your dream is key. Who are you wanting to serve? How will your business make a difference in your customer’s life? What problem are you solving?
To get the full scope of your ‘why’, you’ll need to have market research data to determine who your ideal customer is, their challenges, industry-related topics you want to change, and how your business solves your target customer’s problems.
Application Regulators are looking for the human touch in your business. Sharing your reason for wanting to enter the cannabis industry or operate on a larger scale is a great way to connect with the Regulator and sets you apart by showcasing what makes you special or stand out.
Some operators get into the business because they were personally impacted by the benefits of medical marijuana and feel obligated to share their passion and gratitude for the legalized plant.
Other applicants might have been working in the industry for a while and are passionate about making a difference by helping to improve the industry. And some applicants will share their vision for how they want to give back to their communities — maybe it’s through funding education, sponsorships, or supporting non-profits.
Whatever it is, share your unique story to stand out from the pack.
Applicants who seriously consider the community of which they want to be a part of show Regulators that they are in it for the long haul and see their business as a contribution for good. Before writing your application narrative, consider how you will work to protect that community, and how you will comply with the laws to maintain safety.
Share your plan in your application focusing on the difference you want to make and how you plan to educate your community. And follow through!
Be sure that if you are awarded a business license to operate, plan outreach to diffuse any resistance you might have from neighbors. Outreach should be personal —like hosting a BBQ or event to meet neighbors and their apprehensions face-to-face. It’s the perfect time to reassure your community about your safety practices like security, waste disposal, etc.
Regulators are looking for details when it comes to your plans to operate a compliant business. Your vision for your long-term goals needs to be supported by standard operating procedures.
SOPs demonstrate your operational strategy and plan and show Regulators the evidence they want to see that you are qualified and ready to operate a compliant business.
We understand that it can be a little odd to create SOPs before you’re even operating, but this proactive approach to managing your business in a highly regulated industry shows Regulators that you mean business.
Many applicants want the assurance that their application is designed to impress Regulators and earn them a business license, but they’re not sure who to turn to. Some seek advice from attorneys but often these attorneys are not experts in the cannabis industry and give inaccurate advice.
However, there are experts who support applicants in their quest for licensing and offer valid advice based on the applicant’s jurisdiction and current regulations. It is crucial that you seek advice from experts in the industry.
BuildMySOP not only supports you with a document management system and SOPs, but also offers review and consulting services to support you in the application process.
For additional product and pricing information, visit our website.
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