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To run a cannabis business, you’ll need to apply for a cannabis license from your state’s licensing authority. Each state has different requirements for applying for a cannabis license or renewing it in the US. For example, in California, the state with the highest number of cultivation licenses in the US, the Department of Cannabis Control (DCC) is responsible for issuing and renewing licenses. However, before you approach the DCC, you must have got approval from your city or town. This kind of licensing is known as dual licensing requirements.
If you’re launching a product or business in the cannabis industry, you have to pay attention to your packaging and labeling. Not only must it be attractive or grab the consumer’s attention, but it must also comply with state regulations. For one thing, cannabis labelling and packaging regulations are an added layer of consumer protection. Still, it’s challenging for multi-state operators because regulations vary from state to state.
For any business, third-party vendor management is essential to ensure compliance, reduce risk, maximize profit and sustain business operations. But when it comes to cannabis, the importance of proper due diligence in vendor management becomes even more evident. You’re dealing with a product that could be easily abused. Without proper cannabis vendor management, your business could be exposed to unnecessary risk—from financial and operational challenges down the line.
As the cannabis industry continues to grow, so do the number of business models available to entrepreneurs. While some companies focus on growing their own cannabis crops, others make their profits by selling marijuana to other businesses through a processor or distributor. Each type of cannabis business must apply for different licenses as required by the laws in the state of operation.