(This is an abridged version of a column that appears in the July issue of Marijuana Business Magazine.)
If you’re like most entrepreneurs in the marijuana extraction sector, you have visions of building a company that’s so successful that scaling up is right around the corner.
The key to making your dream come to fruition is having the vision – and the patience – to expand in line with a judicious financial sense.
That’s important advice at any time in the cannabis industry, but it’s especially important during the COVID-19 crisis.
Sure, many marijuana businesses are currently pulling in the reins on spending – and rightfully so – but others see this as a time to strike.
“There’s no better time than now to expand your business if you’re serious,” said Mara Gordon, co-founder of Aunt Zelda’s, a marijuana company in Northern California.
“The whole entire game has changed now that we’re an essential business,” she said, referencing the designation states offered to companies allowed to stay open during the coronavirus pandemic.
Gordon and other experts contacted by Marijuana Business Magazine highlighted three key areas extraction companies should consider when they’re looking to scale up: