Great, now what will it cost you to do that? You need a license, seeds, land with water rights, utilities, employees, soil, fertilizer, banking, testing, transportation, accounting, legal and a whole host of other things to make that all work.
If you open a retail outlet, in addition to the lease, buildout, staffing, training and security, you will probably have to buy inventory from other growers and or pay a processor to turn your flower into concentrates or edibles.
Savvy investors generally like to invest in a team that has a detailed financial plan rather than throw money into a hot new category like adult-use cannabis.
Furthermore, by broadcasting investment documents you risk running afoul of securities laws, which will kill your cannabis-business buzz in a hurry.
A small number of high-value investors will be easier to manage than a large group of people hoping to make smaller investments.
Once your pro-forma is built, you can begin to evaluate some of your initial assumptions.
Every new business makes plenty of mistakes, but using a business plan is a great way to avoid some big ones by revealing flawed assumptions about your plan before you start spending your money.
As a way to get started, walk yourself through the whole process of starting a business, applying for a license, getting some land, planting, harvesting, selling and buying all the products and services you will need to make all that happen.
In addition to practicing law, he’s co-developer of a tech-flex office building in downtown Albuquerque and Co-owner of Surefi.com, an ad-tech company that combines proximity marketing with media targeting.