5 Tips In Preparing For Cannabis Application Licensing In A New Competitive State
Recently on November 3rd, 2020, five more States came online for legal Cannabis. Montana, New Jersey, Arizona, and South Dakota passed Adult-Use measures. While Mississippi and South Dakota passed Medical Cannabis measures.
For some entrepreneurs, small business owners or even larger companies looking to participate in licensure opportunities, this is an exciting time to get involved.
It is also a time for anyone looking to enter this competitive market for the first time to start doing the research now and proceed with diligence.
A few things to consider, one is other companies have already been preparing and positioning themselves for submitting a license application before the ballot measure was even passed or regulations written. Applying for a license for example in New Jersey is going to be competitive without a doubt due to their location in the Tri-State Area and the potential revenue.
If you are newer to the Cannabis space or even have some idea on how to approach submitting a winning application, there are a few things you can do to help your chances along the way. There is a lot more to winning an application than just these 5 tips, however it's a good start to carving out a path to success.
Here are a few tips for preparing to enter into a Competitive Cannabis Application Round:
1. Research, Research, Research! Look to other States and their processes. Get familiar with why people win or lose. Every point counts, and one point can cost you the entire application.
2. Retain an Attorney who has licensure experience and can provide a full compliance review, ensuring regulations are properly cited throughout the entire application. It truly matters.
3. Hire a Cannabis Application Company for either the full turnkey application services or purchase some of their application content, depending on how confident you are writing your own application.
4. Understand the difference between competitive strategies verses compliance strategies. Follow the State guides and application checklists. They are there for a reason.
5. Always do whatever you say you are going to do on your application. Never make promises you cannot keep. Remember if awarded a license, they are conditional, and you must meet the requirements.
Additional deliverables for preparing for a license application is to gain some type of Cannabis experience if you are lacking it. Obviously, some people will not have Cannabis experience since it is a new market in their State or others will have team members with the Cannabis experience. There is a slew of Educational Platforms available online where you can take a few classes to dip your toes in and receive certificate of completion to include in the license application packet.
Lastly, learn from others and their mistakes when it comes to competing for a Cannabis License. Build an amazing team. Remember, the licensing process can be extremely overwhelming at times and it is only the beginning. The real work begins when you win the license.