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As cannabis has paved its way to be federally legal for recreational and medical purposes in Canada, the cannabis industry is attracting many budding entrepreneurs, no pun intended. However, the Cannabis business is not an effortless undertaking. Therefore, certain factors must be carefully considered for the Cannabis Business Plan to boost an entrepreneur pathway.
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Points of Consideration for Cannabis Business Plan to Boost an Entrepreneur Pathway As cannabis has paved its way to be federally legal for recreational and medical purposes in Canada, the cannabis industry is attracting many budding entrepreneurs, no pun intended. However, the Cannabis business is not an effortless undertaking. Therefore, certain factors must be carefully considered for the Cannabis Business Plan to boost an entrepreneur pathway. Cannabis Industry of Canada The cannabis industry in Canada is prospering. The sector has witnessed immense growth as producers, manufacturers and retailers in both medical and recreational markets. Since the adoption of the Cannabis Act in October 2018, the online and retail sales has touched $908 million. According to the Health Canada’s research data in March 2021, the sales of dried cannabis represents 64 percent of the total sales while edible cannabis and cannabis extract is standing at 20 & 17 percent respectively. Currently, dried cannabis is ruling the Canadian market for recreational cannabis with approximately $1 billion spent in the first half of 2021. So, if you want to part of this blossoming cannabis industry, a cannabis business plan is what you need. Points of Consideration for Cannabis Business Plan The cannabis business plan is a blue print to your Entrepreneur Pathway. So, take leverage from a formal cannabis business plan. Exhibit your business skills and portray an accurate picture of the business that consumers want to appreciate. However, it’s not guaranteed that every good cannabis business plan will be viable. The plethora of opportunities this industry
offers come with certain challenges as well, which are - · Cannabis is a highly regulated industry with GMP & GPP standards to follow. Understanding the regulations and legalities that applies on the new start-ups is critical. · To allow the cannabis industry to flourish, the provincial and federal governments have agreed upon the coordinated taxes known as Coordinated Cannabis Taxation Agreement. Manitoba is exempted of this agreement. Besides this, Ontario, Saskatchewan, Alberta and Nunavut have additional duties on cannabis products. · Despite being legal for recreational and medical purposes, cannabis entrepreneurs still face major hurdles when it comes to banking. Cannabis businesses face major challenges in accessing the banking tools as banks are still apprehensive of working with Cannabis companies. However, these challenges can be faced smartly with the help of below-mentioned resources – · Business Incubators – These are institutions that help in fast-tracking the growth phase of new start-ups. Their aim is turning the viable business ideas into reality by providing initial funding to start the cannabis business, and avail help of Cannabis Business Plan industry experts to mentor through the start-up process. · Government funded Programs – The Canadian government has been forthcoming in offering conventional business resources to new and existing entrepreneurs in the cannabis industry. BDC, Farm Credit Canada and The Cannabis Commerce Association of Canada are all in place to lend a helping hand to cannabis businesses. · Cannabis Consultants – There are professional firms that provide consultancies to new and existing cannabis entrepreneurs. These consultants offer legal, regulatory and personalised business solutions to cannabis businesses. Cannabis industry is vulnerable to continuous legal changes but at the same time offers immense potential for growth. It is a hot market that many big pharmaceuticals are trying to break into. With the ongoing talks of opening the industry for international trade, the industry will be flooded with plethora of opportunities for its entrepreneurs. So, if you are convinced that this is the industry to start your Entrepreneur Pathway in, get in touch with an expert to draft a good cannabis business plan. It accentuates on the strengths of the cannabis business coupled with the advantages it brings on the table for the society at large. In simpler words, Cannabis Business Plan is of utmost importance when paving your way to an entrepreneurial pathway.
