Krista Whitley, Founder of Social Media Unicorn, a cannabis brand exclusive full service marketing & sales agency
“The most successful cannabis dispensaries understand the power of connecting to the local cannabis community. All too often I have seen owners and investors underestimate the value of these connections, but the cannabis community in each city is strong from years of advocacy and lobbying to bring cannabis into the light of day that they are the most valuable players any dispensary can have on their team. When dispensary owners can connect to the community through a shared love of cannabis they tap into a virtually endless stream of talented employees, consumers who are dedicated to helping the dispensary achieve an optimal consumer experience from lobby to cashier, and the potential for explosive growth thanks to these raving fans.”
Bethany Gomez, Director of Research for Brightfield Group, a cannabis-focused market research firm providing accurate and comprehensive consumer, brand, and market insights in the industry
“It is critical for new dispensaries to choose their locations carefully, understand their target consumer group and carefully cultivate product and brand selection to target this core consumer base. The modern cannabis consumer falls into many different segments, each of which have widely different product and brand preferences. According to Brightfield Group data, brand loyalty is more powerful than dispensary loyalty amongst most cannabis consumers; 70% of cannabis consumers are more likely to return to a ail outlet that carries their favorite brands rather than try a new store and 59% are willing to travel a greater distance to go to a store that carries their favorite brands. Market research and brand insights can help dispensaries to make the optimal decisions on product selection to draw in new consumers and keep them coming back.”
Will Waldrop, CEO of Signal Bay, Inc. (OTCMKTS: SGBY), parent company to Evio Labs, the leading cannabis lab testing company in the U.S.
“Anyone looking to successfully open a cannabis dispensary should be sure to conduct thorough research on everything from local/state regulations, to consumer demographics, to the licensing process, and the like. With the right amount of preparation and due diligence, opening a cannabis dispensary boils down to a lot of hard work and passion for the space.”
Ryan Smith, CEO & Co-Founder of LeafLink, a platform designed to streamline orders, sales, and relationship management for dispensaries and leading cannabis brands
“When opening a dispensary, make sure your staff is well-versed in the products you sell and why they’ll love them. One of the most popular LeafLink features among our dispensary purchasing managers is the ability to request samples for their budtenders so they can recommend products based on experience, which wows customers and boosts sales.”
Matt Best, Senior Consultant at Medicine Man Technologies, a publicly traded full-service cannabis business consulting firm
“Before applying for a dispensary license, it’s imperative to follow and engage in the rule making process. Keeping up with this process will inform you of key dates, regulations, and requirements for becoming licensed and operational. Once they’re finalized, seek competent legal counsel and consultants to help you navigate the process. As soon as you can, incorporate your business, raise capital, and secure real estate for the project. Engage key community stakeholders, be fully transparent with regard to your intentions and demonstrate a strong willingness to give back to the community in which you operate.”
Author – Ethan Anderson, NISONCO
