As the legalization of both medical and recreational use of cannabis continues to sweep across the United States, more cannabis businesses are looking to expand into new markets. But owners and operators often try to do so at an unrealistic and risky pace. Rules and regulations vary from state to state, so it’s important to set yourself up for success by becoming well-versed in each state and region’s distinct regulatory landscape and make market-specific adjustments. It’s necessary to implement policies to satisfy safety and compliance requirements, avoid potential pitfalls, and build a strong foundation for long-term operations, sustainability and growth.
Unlike cannabis cultivation and production, excelling as a multi-state operator is far from an exact science, but here are four key guidelines that companies can be mindful of as they prepare to make that transition:
We as a licensed cannabis industry have come a long way in a short time, and multi-state operators have become more common than ever before. It’s a risky venture, but if expansion is done carefully and meticulously, the benefits are great, both on a tangible and intangible level. When a variety of brands are recognized across the country, cannabis consumers from coast to coast can be united via their brand preferences and experiences, further legitimizing and elevating our industry.
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Erik Knutson is Co-Founder and Chief Executive Officer of Keef Brands and Director of SeroVita Holding Corp. Knutson has a decade of experience operating a wide variety of enterprises within the legal cannabis markets. He co-founded Keef Brands in 2010 in Boulder, CO, as one of the first companies to infuse soda with cannabis. The company has since expanded and is a pioneering developer, producer, and distributor of award-winning cannabis-infused beverages, edibles, oils, and more available at over 800 retail locations across the U.S., including California, Colorado, Arizona, Michigan and Nevada, as well as in Puerto Rico and Jamaica. In addition, Knutson holds several leadership positions in the industry, serving as Co-Founder and President of the American Trade Association for Cannabis and Hemp (ATACH), founding board member of the Cannabis Trade Federation (CTF) and co-founder of the Denver Packaging Company (DPAC).
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