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business

June 12 2019

Issues Around Marketing Your Cannabis Business

Advertising cannabis products is strictly prohibited on a federal level, while also being highly regulated on a state-by-state basis – here's what you need to know. 

  • Instagram, Facebook and Google, and other social media companies do not allow cannabis companies to purchase ads on their...
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Filed Under: Business

June 05 2019

5 Tactics to Drive Repeat Business for Your Cannabis Company

 

 

The cost to acquire a new customer is five times that of keeping an existing one – here's how to recruit loyal, repeat customers. 

  • Offer a points-based loyalty program to build your customer base.
  • Cross-promote your products with other local businesses, like restaurants and bars.
  • ...
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Filed Under: Business

May 28 2019

5 Tips for Diversifying Your Cannabis Customer Base

As the cannabis market expands, it's important to know who your best customers are – and recruit new ones simultaneously.

  • Baby Boomers are a lucrative market: 67% of Boomers consume cannabis for health and medical reasons. They also spend more than millennials or Gen Z.
  • Diversify your...
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Filed Under: Business

April 11 2019

Cannabis Delivery and Online Ordering 101

Cannabis delivery is a great way to reach new customers and add an additional revenue stream – here's what you need to know to get started. 

  • You may not sell cannabis through social media, but you can advertise online and through cannabis-specific sites like Weedmaps, Leafly, and ...
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Filed Under: Business

April 02 2019

Drive Cannabis Sales with Customer Education and Staff Expertise

Your dispensary's employees do the lion's share of your marketing – here's how to train them to close a sale.

  • There are lots of advertising restrictions in the cannabis industry – know what you can and can't say before you spend money on marketing.
  • Allow new budtenders to sample products...
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Filed Under: Business

March 27 2019

Franchising Tips for Cannabis Businesses

Franchising is a great way to scale your business, but be careful of some common growing pains. 

  • Franchising is a smart way to bring talented people into an organization.
  • However, you will have less control over your brand and the way it is represented.
  • Franchising is complicated due to...
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Filed Under: Business

March 20 2019

5 Ways to Boost Profitability on Your Top Selling Cannabis Product

Try these five tips to overcome high sales tax and improve your profit margin at your cannabis dispensary.

  • Offer “premium” pricing on your best selling products. 
  • Upsell, cross-sell, and bundle products to boost the average basket size of each transaction.
  • Start a loyalty program to...
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Filed Under: Business

March 14 2019

How to Select a Good Location for Each Type of Cannabis Business

Location is everything, but it's very difficult to find affordable real estate for your cannabis business in California.

  • Zoning laws make it very difficult to find reasonably priced real estate for cannabis operators – this will be one of your biggest expenses.
  • Dispensaries in a bigger...
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Filed Under: Business

March 12 2019

Intellectual Property: What IP Can Your Cannabis Company Protect?

Intellectual property is one of the most valuable parts of your cannabis company – make sure it's protected. 

  • IP refers to trade secrets, an entrepreneur’s right to protect his or her original work.
  • You may not get a federal trademark on cannabis, but you may trademark ancillary products...
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Filed Under: Business

February 21 2019

How to Price Your Cannabis and Cannabis Products for Profit

There are two approaches to pricing your cannabis product that can help you optimize your profits.

  • The cost approach to pricing uses the costs that have gone into creating a product as the basis for charging a certain amount.
  • The market approach looks at what your competitors are...
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Filed Under: Insider, Business