Cannabis Business

8 Tips For Starting A Successful Cannabis Business (2024)

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Updated: January 19th, 2023

Want to start your own cannabis business? Here are some tips you should know:

Learn more about starting a cannabis business:

Where to start?

-> Cannabis business plan
-> How to finance a cannabis business?
-> How much does it cost to start a cannabis business?
-> Pros and cons of a cannabis business

Need inspiration?

-> Other cannabis business success stories
-> Marketing ideas for a cannabis business
-> Cannabis business slogans

Other resources

-> Profitability of a cannabis business

We've interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.

Here's the best advice we discovered for starting a cannabis business:

#1: Bjorn Dawson, founder of Grobo:

We chatted with with Bjorn, founder of Grobo ($250K/month). In our interview, Bjorn says:

We didn’t charge nearly enough. When we finally had the product in production, we were losing hundreds of dollars on each order.

Additionally:

Processes are key. Make a guide for everything you do, and then it’s easy to pass off to someone else as you work yourself out of a job.

Further:

Far too often I talk to prospective entrepreneurs and there’s always some reason that they don’t start their business. Maybe it’s not enough time, not enough money, wanting a co-founder, etc. Just start it.

Read the full interview ➜

#2: Nate Lipton, founder of Growers House:

We chatted with with Nate, founder of Growers House ($3.1M/month). In our interview, Nate says:

I highly recommend running experiments based on the feedback you’ve received from potential customers because they are your source of truth.

Additionally:

You want to show up to meetings with your team, customers, vendors, etc.. at as close to the best version of yourself as possible.

Read the full interview ➜

#3: Bjorn Dawson, founder of Grobo:

We chatted with with Bjorn, founder of Grobo ($250K/month). In our interview, Bjorn says:

We spent a lot of time over the last year making sure we had the right people in the right seats. Making these changes has been difficult at times, but totally worth it.

Read the full interview ➜

#4: Ellis Smith, founder of American Cannabis Company:

We chatted with with Ellis, founder of American Cannabis Company ($150K/month). In our interview, Ellis says:

Set high hard goals with supporting clear goals to ensure your success.

Additionally:

Read a ton of books on the topic you are interested in. But also read books from other industries that will pique your interest so that you can connect lateral ideas from other industries to your industry of interest.