Your cannabis business is growing and your leadership team may be at a loss for where to focus their efforts. In this video, we discuss three strategic and operational priorities to consider for your growing cannabis business.
Top 3 Priorities
- Customer Service Orientation
- Vertical Integration
- Quality Focus
Customer Service Orientation
Make sure your cannabis business is positioned as a customer first organization. By focusing on the customer experience you are more likely to gain repeat, as well as new business.
Happy clientele is more likely to:
- Repeat business
- Recommend your company to others
- Promote your business
The concept of vertical integration is something that will have to be considered very early on in the cannabis industry. In some states - New Mexico, for example, vertical integration in the cannabis market is required. However, other states, such as Washington have prohibited the business model. Then there are those markets in the middle, where vertical integration is allowed but not mandated.
Benefits of vertical integration:
- Allows you to offer lower prices since you have better control of your product
- There are more growth opportunities: Mergers, acquisitions, internal expansion, etc.
- Improve quality when managing both the cultivation and retail components
Quality assurance is critical to the long-term success of your growing cannabis company. In order for your business to thrive in the rapidly evolving industry, standards and procedures must be put in place to minimize risk.
Factors to consider:
- THC and CBD potency
- Microbiology testing : Mold, bacteria, yeast, etc.