How to Write a Business Plan for
a Cannabis Company
The cannabis market is booming both in the US and in international markets. Sales of legal marijuana in the US, for instance, is expected to reach $13.38 billion in 2019, according to data gathered by Statista. It also expects that the industry will continue its upward trajectory to an estimated $24 billion in revenue in 2025. The same prediction is shared by other research firms for the rest of the globe. Grand View Research, for instance, predicts that the global cannabis market will reach $66.3 billion by the end of 2025.
How do you get a foothold in this billion-dollar industry? You can start by writing a business plan that you can use as a roadmap for starting or growing an existing company. This document can also help you secure that much-needed funding from investors and lenders.
Here, we will break down important sections that you need to complete your cannabis company business plan.
Also referred to as the market analysis section. This section defines your customer base, or the end user. In most industries, a number of varying demographic groups contribute to the total industry revenue differently. For instance, individuals belonging to the millennial generation have different spending habits compared to the older generations when it comes to their cannabis purchases. It’s important to determine the size of these groups to give yourself and your investors an idea about the size of the market you can offer your products to.
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