Cannabis Business Consulting
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Some five years after the state approved the use of medical cannabis, Ohio may be poised to legalize adult-use cannabis as well. As of July, 2021, lawmakers were preparing to introduce legislation that would permit the use and sale of cannabis to legal adults. This comes on the heels of numerous local and municipal initiatives reducing the criminal penalties for possession of cannabis.
If you’re looking to enter the Ohio cannabis industry, we want to help. We’re a team of seasoned cannabis industry veterans, with decades of combined experience and a proven approach to cannabis business licensing.
If you know anything about the legal cannabis industry, you know that it’s dynamic, fast-moving, and primed for potentially explosive growth. Because of these and other factors, the race to secure state cannabis licenses is attracting no end of entrepreneurs, investors, and other stakeholders. It’s a red-hot market that’s only going to get hotter.
While it’s not yet certain that Ohio will choose to permit adult-use cannabis, most analysts believe it’s only a matter of time. This means that if you’re serious about entering the field, the time to prepare is now. Here are some of the ways Bridge West can help you navigate the state’s regulatory environment and reach your goals.
Cannabis Business Consulting Ohio: The Regulatory Framework
As we referenced above, whether or not Ohio chooses to adopt an adult-use cannabis law is an open question. But familiarizing oneself with the current medical cannabis regulatory framework can help potential cannabis license applicants prepare for future calls for applications.
Ohio administers its medical cannabis program through the Ohio Medical Marijuana Control Program (OMMCP). State law currently allows for several types of cannabis business license, including:
- Cultivation: In Ohio, cannabis cultivation is licensed and regulated by the Department of Commerce. Under its guidelines, Level I cultivators can operate a growing facility of up to 25,000 square feet; Level II cultivators can operate one up to 3,000 square feet in area.
- Processing: Also regulated by Department of Commerce, these licenses regulate processors of medical marijuana. These businesses can take several forms, including: Standalone facilities; vertically integrated facilities; and plant-only processors which distribute plant material directly to licensed dispensaries.
- Testing: The Department of Commerce regulates these licenses, which are granted to both universities and privately operated laboratories. There is no limit to the number of testing lab licenses that may be awarded by the Department.
- Medical Dispensaries: In Ohio, medical cannabis dispensaries are regulated by the Board of Pharmacy. The number of dispensary licenses awarded is calculated based on population density, geographic area, and other factors.
In our experience, it’s precisely the type of regulatory environment that demands expert cannabis business consulting. For one thing, certain criminal convictions can disqualify applications or their partners and stakeholders from being permitted to hold a license. If you’re committed to securing an Ohio cannabis business license, we urge you to make sure you have a trusted guide on your team.
Cannabis Business Consulting Ohio: The Application Process
While there are no open calls for dispensary license applications in Ohio as of Summer 2021, we urge anyone interested in entering the cannabis industry there to familiarize themselves with the current license application process and specifics for medical cannabis dispensaries. In particular, it’s important to understand that such applications are scored on the basis and strength of their business plan, their operations plan, and their patient care plan.
- Business Plan: In addition to being a requirement for a dispensary license application, a well-crafted business plan is a vital roadmap for you and your team. From the licensing board’s point of view, it’s your single best opportunity to demonstrate your organizational and entrepreneurial knowledge, your grasp of the commercial and regulatory playing field, and the ways your business will positively impact the community you serve. Over and above this, having an airtight and realistic cannabis business plan is a major factor in your ability to attract investors, partners, and other key players.
- Operations Plan: How will you ensure that your facility is in compliance with the state’s security, diversion, public safety, and other requirements? All this information and more should be included in your operations plan. Think of it as your guidebook for all your daily, weekly, monthly, and yearly operations, an “operators manual” for running a successful, compliant, and profitable cannabis business.
- Patient Plan: Ohio’s requirement for a patient plan includes three sections: Staff education and training; patient care and education; and patient care facilities. The state expects applicants to describe the educational content given to employees during their training, as well as the duration, source, and frequency with which they’re updated. What’s more, the state requires specific information on the nature, layout, and size of all areas devoted to patient care. As with all aspects of the application, it’s a highly granular list of requirements demanding close attention to detail and planning.
If you’re serious about entering the Ohio cannabis industry, we’d like to help. As a partnership of highly skilled and seasoned cannabis industry consultants and guides, Bridge West is ready to help new and emerging cannabis companies find financial and banking solutions, connect with potential stakeholders, and chart a course for success in this exciting—but challenging—new landscape. Feel free to reach out to us anytime to schedule a consultation.
Our team has direct experience with the Ohio cannabis market can offer insight into the current and future regulatory framework, financial projections for the industry, consumer analysis, and more. If you’re ready to expand into Ohio and begin your cannabis business, contact us today to get started on the right foot.
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CONTACT HIGHER YIELDS CONSULTANTS
Higher Yields Consultants has decades of experience in the ever-changing, multifaceted cannabis industry. Whether you are an established business-owner or an entrepreneur eager to dive into the industry, we can help you navigate the ins-and-outs of marijuana licensing and production regulations. Fill out a contact form or call us at (844) HI-YIELD to schedule your free consultation.