In Times of Uncertainty, Look for These 4 Signs of Stability in a Franchise

By Kumon You can’t predict the next recession or natural disaster. But the good news is, as a prospective business owner, you do have some control—there are specific things you can look for in your next business venture that signify stability, starting with a franchise and choosing one that’s ready to withstand almost anything. How can you tell if a potential franchise opportunity is as steady as it is exciting? A good place to start is by looking for these four signs of stability: 1. Financial strength. If you’re looking at a franchising business that’s in a questionable financial position, your venture may be over before it even begins. To assess a company’s financial strength, you’ll want to take a close look at their Financial Disclosure Document, or have a trusted accountant review it if numbers aren’t your strong suit. Franchises that are in particularly strong fiscal shape may even […]

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How Risky Is Your Cannabis Business?

If you’re considering raising funding for your cannabis business, be sure to calculate the risk that’s involved in making it a success. It’ll be one of the first things potential investors want to know. February 13, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Ross O’Brien’s book Cannabis Capital. Buy it now from Amazon | Barnes & Noble | iTunes Risk is inherent in all aspects of every business — it’s an expression of the uncertainty of future outcomes. It’s this exposure to known and unknown threats that investors evaluate when defining the risk specific to each individual investment. The cannabis investing market, and private company markets, in particular, are populated by entrepreneurs and investors who have a very high tolerance for risk. Cannabis investors view their investments in the context of putting their capital at risk at the outset of an investment, compared to the […]

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Insider Tips for Crafting a Cannabis Business Plan That Attracts Investors

Follow this expert advice to create a business plan that proves you know what you’re doing and can start and grow a profitable cannabis business. February 6, 2020 8 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Ross O’Brien’s book Cannabis Capital. Buy it now from Amazon | Barnes & Noble | iTunes In every section of a business plan, investors are looking for a depth of knowledge about your industry and your business and the ways in which you’re preparing to manage with all the considerations identified. They’re looking for what you’re doing and why, who’s involved, and how you’ll be able to execute. They want to see a solid playbook that will serve as a set of operating principles to get them through unforeseen challenges when things don’t go as planned. Here are some recommendations to help you write each section of your business plan: Executive […]

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4 Key Things You Have to Manage in Your Cannabis Business in Order to Succeed

Don’t neglect the business of managing these four key areas – or you may see your dreams of entrepreneurship go up in smoke. January 30, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Ross O’Brien’s book Cannabis Capital. Buy it now from Amazon | Barnes & Noble | iTunes Starting and running a company is hard. If it was easy, everyone would do it and every investment would be successful. Standing apart in your ability to run your company successfully will be the difference between raising capital and going home empty-handed. When you’re talking with investors, demonstrating that you have a grasp on how to produce results operationally increases the probability that your business will be successful for the long term and deliver value to you and your shareholders. This is a demonstration of operational acumen. Management decisions come down to a combination of people and […]

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How the Feds Protect the Cannabis Industry and How Things Could Change

Find out what Uncle Sam’s put in place to protect your business and what new legislation could be coming down the pike. January 23, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Ross O’Brien’s book Cannabis Capital. Buy it now from Amazon | Barnes & Noble | iTunes Certain aspects of the U.S. cannabis industry have limited protections from federal interference through annual congressional spending bills. Since the restriction of district-specific earmarks in 2015, lawmakers have used annual appropriations bills (also known as federal spending bills) to extend their policy priorities (or policy prohibitions) by inserting language that prohibits the expenditure of federal funds towards a specific program or activity. Since 2015, Congress has consistently enacted laws that limit the ability of the Department of Justice (DOJ) from interfering with states that have adopted medical cannabis laws by placing legal restrictions on their spending of federal […]

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6 Decisions That Could Change Your Business

Founders share the one choice that altered their company’s path. January 21, 2020 3 min read This story appears in the January 2020 issue of Entrepreneur. Subscribe » 1. Asking for advice. I hired a business coach seven years ago, and it helped me propel my company forward. As an entrepreneur, running a business feels like something you should be able to figure out on your own, but investing in a coach helped me raise the bar in every way. Not only was I able to shift my behaviors to identify and overcome self-imposed roadblocks, but it allowed me to be more engaged and hold myself accountable.” — Katie Conovitz, founder and CEO, TwelveNYC 2. Hiring for keeps. Early on, we hired agencies and freelancers with experience launching a consumer health-and-wellness brand. But it became clear that we needed full-time people who were 100 percent dedicated to our success. So we hired key […]

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Vape Crisis, Industry Challenges, Landmark Legalization Moves & More

These are the headlines that dominated the cannabis industry in 2019 — what can we expect in 2020? January 1, 2020 6 min read This story originally appeared on MJBizDaily The U.S. cannabis industry experienced some momentous moves forward on the legalization front in 2019, but it also faced significant obstacles that reflected how the licensed marijuana sector is continuing to mature and why it cannot always expect boom times and unfettered growth. The top page views of the year at Marijuana Business Daily show the industry’s interest in both sides of the coin. Among the most viewed stories of the year were those that focused on: The vaping health scare. Illinois’ historic move as it became the first state in the country to legalize retail sales through its Legislature and the 11th overall to approve adult use. A key U.S. House committee’s approval of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. California […]

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These Strategies Will Get More Customers To Your Dispensary

From loyalty programs to regularly messaging customers, building a community and increasing sales takes strategy. November 13, 2019 7 min read This story originally appeared on Weedmaps It goes without saying that you want to get as many new customers into your dispensary as possible. But with the cannabis retail space becoming more and more competitive every day, you can’t just expect a flood of new customers to rush in the second you open your doors. You need the right marketing strategy to break through the clutter, grab your ideal customers’ attention, and drive new business for your dispensary.  “Marketing is a vehicle for [consumers] to get familiar with the brand, the company, the dispensary and what they’re about,” said David Hua, CEO and co-founder of Meadow, a software company that creates point-of-sale (POS) solutions for cannabis dispensaries. “Now’s the time to … use marketing to create an identity around your […]

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5 Proven Strategies to Quickly Launch Your B2B Product (and Scale Things Even Faster)

Launching a B2B product is no small task; fortunately, there are a few proven ways to expedite the undertaking. October 16, 2019 7 min read Opinions expressed by Entrepreneur contributors are their own. After months of development and platform changes on Facebook, Twitter, and LinkedIn, our company is finally preparing to launch a social lead generation tool called LeadFamous. Having consulted with dozens of popular and successful SaaS companies over the years, I’ve discovered it can be quite challenging to successfully launch a software product in today’s hyper-competitive digital landscape. As both media and tech evolve, it’s simply not enough to market your product via one or two channels, like Facebook Ads or Google Ads — especially if it’s a bootstrapped startup. If you want to get traction early, you need to have an orchestrated plan of attack that includes outreach, social media engagement, and a public relations (PR) strategy […]

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Efforts Intensify To Battle Corruption Involving Local Government Officials And Cannabis Industry

States are taking action against government officials involved in bribery and extortion. October 16, 2019 6 min read This story originally appeared on MJBizDaily Law enforcement authorities across the country, including the FBI, have cast a wide net in their efforts to root out corruption among local government officials overseeing the marijuana industry. The crackdown has ensnared local government and cannabis industry officials in states such as California, Massachusetts and Michigan. Charges have included bribery and extortion. While claims of licensing bias and flawed scoring are more common, an examination of the landscape suggests that there have been a number of blatant efforts over the years to improperly influence public officials into awarding highly coveted marijuana licenses. Such corruption, combined with flawed and biased licensing, undermines the process, hurting the opportunities for businesses that play by the rules, industry experts warn. RELATED: More States Have Made Marijuana Legal, So Why Are […]

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How Cannabis Brands Can Capture Attention With Custom Packaging

In the crowded (and booming) cannabis market, knowing how to develop a powerful brand identity is critical. October 15, 2019 4 min read This story originally appeared on Cannabis & Tech Today There’s no denying that marijuana is a booming market. After Colorado legalized marijuana in 2014, 147 recreational dispensaries opened in the state that year — a number that grew to 509 by 2018. Six other states have since legalized recreational marijuana. In a word, business is booming. Within an industry facing such unprecedented growth, cannabis brands are met with big challenges when it comes to differentiation. Hundreds of new brands launch every year. High-profile personalities like comedian Tommy Chong and former boxer Mike Tyson are getting in on the game. Competition is fierce, and many companies are faced with the unique challenge of working to develop a trustworthy and recognizable brand while adhering to stringent state rules. Chief among […]

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8 Must-Have Cannabis Products For Tech-Minded Weed Consumers

As marijuana and tech merge, these are the products that pique the interest of techies everywhere. October 14, 2019 8 min read This story originally appeared on Weedmaps Let’s face it, in one way or another, technological advancements have altered nearly every facet of our lives — and smoking weed is certainly no exception. In fact, as ongoing legalization efforts have birthed a rigorous and dynamic market, tech-savvy companies are developing innovative products that provide people with new ways to get stoned or seek therapeutic relief.  There are, of course, those who prefer the traditional consumption methods — hand-rolled joints, bongs, one-hitters, among many other tools of classic stoner culture. But some are venturing outside of the norm, seeking out more exciting, more potent, and more convenient approaches to using cannabis.  Here are eight tech-minded weed products that have caught the cannabis community’s collective eye. OTTO OTTO by Banana Brothers makes […]

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A Chat With Kadenwood Brands CEO Erick Dickens

After a successful run in marketing and brand management at spots like Kraft Foods, Erick Dickens is reshaping the CBD industry. October 11, 2019 5 min read This story originally appeared on Benzinga The booming U.S. CBD market is estimated to exceed $20 billion by 2024, according to BDS Analytics — a substantial jump from $1.9 billion in 2018.  As  CBD becomes mainstream, companies operating in the space are establishing themselves in a new environment and are not just competing among themselves, but also with larger and older conglomerates in the industries that CBD has recently penetrated. One way that CBD businesses are adapting to the market growth is by hiring top talent from successful companies in other industries. Benzinga recently sat down with Erick Dickens, the co-founder and CEO of Kadenwood Brands, who prior to CBD had a successful marketing and brand management career at a number of companies, including Kraft Foods. RELATED: 9 Cutting-Edge Marijuana […]

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Mexican Lawmakers To Vote On Pot Legalization By End Of October

Ricardo Monreal, the Senate leader of Mexico’s ruling party MORENA, hopes to make marijuana legal for recreational use. October 8, 2019 2 min read This story originally appeared on Benzinga Ricardo Monreal, the Senate leader of Mexico’s ruling party MORENA, said lawmakers will vote on a bill to legalize adult-use marijuana by the end of October, according to Marijuana Moment. “We’re thinking that we’ll bring the law out, approve it, at the end of October,” Monreal said. “That’s the schedule we have.” The chamber is almost finished with creating a new reform bill that is based on open-session debates and public forums, and the Chamber of Deputies will be invited to weigh in on the bill, Marijuana Moment reported.  RELATED: 8 Must-Have Apps For Cannabis Entrepreneurs Mexico’s Supreme Court has ruled five times that the country’s ban on recreational cannabis is unconstitutional. Mexican law states that when the court rules in the same direction five times, it […]

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Marijuana Vape Sales Rebounding In Some Key Markets (For Now)

The vape market is taking a hit in the media, but sales aren’t totally being impacted negatively just yet. October 8, 2019 4 min read This story originally appeared on MJBizDaily Vape sales appear to be stabilizing in most major recreational cannabis markets in the United States in the wake of the vaping health crisis, but with more bans and sales restrictions on the horizon the rebound could prove short-lived. After several weeks of declines, vape’s share of adult-use cannabis sales in California, Nevada and Washington state is beginning to slowly tick back up, according to Headset, a Seattle-based provider of data and analytics to the cannabis industry. Vape’s share of the recreational cannabis market in California fell for four consecutive weeks, from 30.5% the week of August 19 to 24.3% by the week of September 16. But the latest week’s worth of data shows vape’s market share in the state up […]

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Vape Pens Are Great, But Are They Right For You?

Vaping has been in the news a lot lately, but, regardless of the future of the product, is it even something worth trying? October 7, 2019 7 min read This story originally appeared on Weedmaps When vaporization first caught the attention of cannabis consumers in the late 1990s, stoners would gather around the Volcano, a stationary device that heats cannabis flower and sends vapors into a detachable balloon that once filled, could be passed around the sesh circle. And as cannabis culture has changed through the spread of legalization and technology, vaporization and vaporizers have also changed along with it. Judging by the immense popularity of filled cartridges, the most widely used vaporizer type at the moment is the vape pen. A simple combination consisting of a battery and cannabis oil cartridge, vape pens and cartridges have taken the cannabis concentrate market by storm. And while vape pens are extremely convenient for the modern cannabis […]

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How State Cannabis Regulatory Agencies Across The U.S. Have Responded To The Vaping Health Crisis

Most agencies are waiting for more info when it comes to the cause of health problems related to vaping. October 4, 2019 6 min read This story originally appeared on MJBizDaily State regulators overseeing the legal marijuana industry are adopting a wait-and-see stance as the industry determines what exactly is causing the health problems related to vaping, although California has come down more decisively against vaping of all forms. For the most part, regulators in more than a half dozen states are reacting cautiously while public health officials work to identify the cause triggering hundreds of illnesses and seven deaths connected to e-cigarettes and marijuana vaping devices, in both the legal and illegal markets. RELATED: How Vape Manufacturers Are Striking Back Against Counterfeits More Public Education Needed Max Simon, CEO of Ventura, California-based cannabis educational platform Green Flower Media, said the cannabis industry and state marijuana regulators need to unify behind a […]

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Building A Financial Plan For Your Cannabis Business? What You Need to Know

Before launching your business, make sure to know the do’s and don’ts to set yourself up for success. October 2, 2019 3 min read This story originally appeared on Cannabis & Tech Today All good business plans require a financial projection. Creating a financial projection is both an art and science. A financial projection will include projected sales, budgeted expenses, a balance sheet, cash flow, and sources and uses of funds. Also, a financial projection will help determine how much funding will be needed and the projected return on the investment (ROI). For most cannabis and hemp/CBD operators, the problem in creating a financial projection is they don’t have any historical data or industry benchmarks. If we were assisting a chemical manufacturer or construction company prepare a financial projection, we could obtain benchmark financial information from third party providers. Unfortunately, these third-party providers do not have any historical data on […]

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CDC Reports Majority Of Vape-Related Illnesses Have Come From Illicit Market Devices

A new report from the CDC shows how unregulated markets may be contributing to the vaping crisis. October 1, 2019 3 min read Brought to you by MJBizDaily Health officials reported on Friday that the majority of those sickened in the vaping health crisis used cannabis vape products containing THC, and many of those in the first two states to report illnesses – Illinois and Wisconsin – said they used counterfeit marijuana products from the illicit market, not licensed MJ companies. The revelations, contained in a report issued by the Centers for Disease Control and Prevention (CDC), underscore what’s been a debate since the first vaping illnesses were reported in August – whether the nationwide illnesses are coming from the legal, licensed marijuana market or from unlicensed, black-market products. RELATED: I Smoked A Black Market Vape. This Is Why I’ll Never Do It Again Marijuana industry officials have blamed the black market as […]

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Why THCV Might Be The Next Big Thing In Weed

Early research shows that THCV produces a different effect than normal THC, and it could help with a number of health issues. September 30, 2019 10 min read Brought to you by Weedmaps 2019 has the potential to be remembered as the year when minor cannabinoids really hit the scene. While it’s true that the cannabis market is generally interested in tetrahydrocannabinol (THC), the intoxicating cannabinoid that most marijuana consumers have come to know and love; as well as cannabidiol (CBD); but cannabinoids such as cannabinol (CBN), tetrahydrocannabinolic acid (THCA), along with cannabigerol (CBG) have started to attract attention on their own. One minor cannabinoid that appears to be gaining attention is tetrahydrocannabivarin (THCV). THCV is an analog of THC, but produces a completely different buzz than its intoxicating counterpart. It is also found in trace amounts in marijuana, so the effects are likely attributed to more prominent cannabinoids. While more research is done for potential […]

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