The revitalization of the cannabis industry has brought together a community of empathetic and strong supporters of social justice. They have created a powerful movement to right some wrongs and ensure everyone has a fair chance to participate in the lucrative industry.
Social equity entrepreneurs entering the industry bring seasoned business skills, legacy skills, or entry-level entrepreneurial skills that all need help in some way to navigate the challenges of launching a cannabis business.
Writing a robust business plan should be at the core of social equity business programs to give participants an edge on achieving their goals and securing funding. A multi-level business development program satisfies the different business skillsets for the new cannabis entrepreneurs.
Barriers to entry
The financial and societal barriers for a person of color entering the cannabis industry as an entrepreneur are high. The cost to open a dispensary can be upward of $312,000, or $500,000 to operate a processing facility, and a hefty $2,500,000 for a vertically integrated operation. Couple the start-up costs with the societal barriers, and you have a recipe for excluding the people most legislation aims to help.
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By Pam Chmiel August 31, 2021
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Source : GreenEntrepreneur
Link to original : Applying for a Social Equity Program? Have a Strong Business Plan
