05 Apr A Pot of Opportunity? 5 Ways Missouri Marijuana Laws Will Affect Small Businesses
In 2018, Missouri voted to legalize medical marijuana. Today, Missouri marijuana laws are in effect. How do they affect small businesses? Find out here.
Legal sales in Colorado have grown from just over half a million dollars in 2014 to 1.5 million dollars in 2018.
Missouri, are you ready? You have a new product recently made legal, which means you will have new opportunities for business and the need for the best marketing services.
To know exactly how Missouri marijuana laws will affect small business, read on.
1. Know the Missouri Marijuana Laws
Whether they’re a medical marijuana joint or just a cupcake shop down the street, Missouri marijuana legalization will require more education for all small business owners.
For example, if you’re planning on opening your own dispensary, you need to understand the dispensary laws along with how far you must be from specific organizations, such as schools and daycares.
2. Know Your Product
If you plan on opening a dispensary, you need to understand that not all marijuana is the same. With Missouri marijuana legalization, small business owners will be chomping at the bit to make some money because there is money to be made.
Colorado’s business boom aptly illustrates what happens when a state legalizes something that people want but couldn’t acquire legally in the past.
So as you consider opening a dispensary and fulfilling your dreams of having a successful small business, learn about your business.
Not all pot is the same.
In particular, dispensary owners should educate themselves on not just quality but on concentration so they can best help their customer find what they need.
For example, the potency of marijuana flowers is comparable to a light beer whereas concentrates are like hard liquor.
Precedence has shown marijuana legalization creates a business boom initially, but if you do not understand your product or how it can help your customer, your business will fail.
3. Know Your Own Drug Policy
As you look at opening a dispensary, ask yourself what your own drug policy will be. For example, if an employee tests high outside of work, may he still work for you? Will you allow him to retain his job as long as he doesn’t come to work high? Will you require a doctor’s note for medical marijuana for him to test positive at all?
And of course, check the Missouri marijuana laws. What exactly do they say about drug policies in the work place?
Even small business owners who do not own dispensaries need to ask themselves these questions. Now that Missouri has legalized medical marijuana, employees with chronic conditions have a new option for medication but they also have a risk for medication abuse.
Make a sustainable policy that works for your employees and your business.
4. Know Your Neighborhood
When Colorado legalized medical marijuana, Denver soon saw the real commercial real estate market skyrocket.
Look around your neighborhood. Do you have warehouses nearby? Do you need to consider purchasing one before the boom an real estate gets hot like it did in Denver?
The face of your business neighbor will change because of legalized medical marijuana in Missouri. Learn the zoning laws and understand the impact.
5. Market Smart
Once you’ve done your research about our product and the real estate needed for it, you need to know how to let others know you understand what you’re doing. You need smart marketing.
A specific product requires specific marketing strategies.
Medical marijuana or just pot, in general, has become the butt of jokes, and so you need to understand the appropriate and best way to sell and present your product.
We Can Help
While some companies understand marketing in general, we understand medical marijuana marketing.
Contact us for the best marketing strategies to help you with your small business as you prepare for how Missouri marijuana laws will change life in the Show-Me State.