Medical cannabis, or medical marijuana is cannabis and cannabinoids that are prescribed by physicians for their patients. Hi, I am Daniel Fung and I wanted to give some advice to those of you who are new to the medical marijuana industry. If you are passionate about this industry and trying to get into it, I have a few tips that might help you out. Cannabis is receiving all sorts of attention these days and everyone is trying to get something on the market. There is a lot of competition in this industry, but the plus side is there is a lot of room for advancement.
The first thing you need to do is to find the funds. Create a resolution to a problem and show the investors why your idea is worth investing in. Securing funding in this industry is not an easy one, so find an idea aside from your competitors, but can advance in the industry all together.
Second, not all VC’s (Venture Capitalists) are interested in cannabis companies. So, I would recommend going to a cannabis specific VC. It is more beneficial to spend time with VC’s that have already invested in the space or understand the industries problems. Otherwise, you risk talking to groups that have restrictive LP (Limited Partnership) agreements or those who cannot invest in the space due post federal legalization. You still can talk to non-cannabis specific VC’s, but it is important to make sure at the end of the day they can fork out the dough.
Third, the most important thing is to not get involved in this industry unless you are completely passionate about it. Cannabis is a vastly different industry to work in with all the rules and regulations that surround it. Federal legality is restricting, the market is divided, and it is hard to secure banking and fundraising. Each state has their laws in place around cannabis. You are constantly going through hurdles trying to expand your market, so passion is key!
Fourth, do not look at this as a capital opportunity. If you do not have a goal in the works, you will not succeed. Come up with a creative way to get your message out to the public. Also, it is important to do your part by helping those on the other side of cannabis.
Lastly, make sure you manage your expectations. There is a lot of money to be made in the cannabis industry. There are a lot of perks to the industry and a lot of fun to be had. Do not get too ahead of yourself, though. Know that you might have to start with more entry level and work your way up through experience and gaining knowledge. Know that there is no clear path to the top. However, there are more opportunities for those dedicated and willing to turn their passion for cannabis into a career. Decide what part of the industry sounds most fun to you and find your place.