Cannabis Consultants Give Guidance To Budding Startups

Cannabis Consulting Is Becoming Big Business

As it seems, acceptance for medical marijuana is growing throughout the nation. States like Illinois, Nevada, Oregon, and Massachusettsare putting their medical marijuana programs in place, while garnering interest from mom-and-pop facilities and big name investors alike.

These entrepreneurs often do not have intimate knowledge about the cannabis industry, and therefore need guidance in a number of areas to run a successful canna-business. This creates a novel situation for cannabis industry leaders that may not have been possible just a few years ago.

In the past, industry leaders were rewarded with a reputation as “the best” in a certain field, but not much more than that. With the cannabis industry’s increased legitimacy, these same people are now using their knowledge, connections, and experience to make a life for themselves. According to MMJ Business Daily, cannabis consultants have been known to charge over $100,000 for a wide range of services.

Legal Consulting & Cannabis

Lawyers are an essential commodity for any business – a fact that is even more true when considering the semi-legal status of cannabis. Medical marijuana facilities require a lot of red tape and licensing before they are able to operate legally.

“Some [lawyers] are reported to charge up to $100,000 just to file the paperwork.”

Not only can the application process be time consuming, but it often requires, at least, a reasonable understanding of the legal system. Understandably, this is not an expertise held by many individuals in the cannabis industry. With that said, lawyers in states with medical marijuana and legal cannabis are regularly offering their expertise. Some are reported to charge up to $100,000 just to file the paperwork, according to the Las Vegas Sun.

In fact, some law firms have decided to dedicate their entire practice to medical marijuana law. Vicente Sederberg LLC, for instance, is a full service medical marijuana law firm in Colorado. In addition to licensing services, their practice areas include business law (mergers, acquisitions, etc.), criminal law, and government .

Consulting For Marijuana Businesses

Often, new canna-business owners need much more guidance than the average lawyer can provide. As with any industry, it is important to optimize profits and production, while maintaining quality. Starting an infused edibles company or medical marijuana facility, for instance, requires a number of preparations to keep satisfactory product on the shelf at minimal cost.

“It is not uncommon to charge $5,000 per day.”– Kenny “K” Morrow

Companies like Trichome Technologies (California) and Denver Relief Consulting (Colorado) offer services that help a variety of businesses maximize their potential. While the types of consulting offered may vary slightly between firms, the process is largely universal and relies on the needs of each individual client. Some places, Denver Relief for example, will give a free initial consultation to determine what services are actually needed.

Some projects require limited guidance, allowing clients to be billed hourly. Others, however, require more involvement on behalf of the consultant. In these cases, cannabis experts will often charge a flat rate for each day of work. According to Trichome Technologies founder Kenny “K” Morrow, it is not uncommon to charge $5,000/day, travel expenses included.

Even further, consultants are being approached to oversee large-scale production facilities with growing regularity. Trichome Technologies, for example, played an integral role in establishing the Israeli medical marijuana industry. In association with Rick Doblin and the Multi-disciplinary Association of Psychadelic Studies (MAPS), Morrow helped design large-scale production facilities in Israel, where they are able to produce up to 350 pounds of cannabis each month for as low a 50 cents per gram.

Understandably, large-scale projects often require a long-term relationship to be built. In cases such as these, consultants are often compensated well. K, for instance, often receives equity in the companies with which he consults, in addition to a salary north of $100,000.

Cannabis Consultants Are A Growing Necessity

It is clear that the cannabis industry is in the midst of change. What was once a completely underground market is rapidly becoming legitimate. Accordingly, the industry is attracting a variety of professionals – in the form of both business owners and investors.

It is becoming increasingly obvious that those with the right knowledge, skills, and experience will be able to make a living in the cannabis industry – a comfortable living at that. That being said, it seems that many choose the marijuana market in particular because it is something they believe in on a personal level.

Case and point: Kenny Morrow, who has been apart of the cannabis legalization movement for well over 20 years.

As acceptance for medical marijuana grows, the value of industry-specific knowledge continues to skyrocket. As a result, those who have dedicated their life to cannabis may soon be rewarded with legal, well-paying opportunities to use their wealth of knowledge and experience.