Opening a startup company of any kind is tough. There are a million things to think of and learn. Where is your loan coming from? Where are you going to find affordable office space? Who will help manage the business? Seems stressful, doesn’t it? Now, add cannabis to the table – it now seems impossible, doesn’t it?
Banks and businesses are hesitant to give aid to just anyone, but dealing with a controversial subject such as marijuana makes them even more cautious. But there are companies who are willing to help. Who you ask? A cannabis business incubator!
What is a business incubator?
A business incubator is a company that helps new and startup companies to develop by providing services such as management training or office space.
Some incubators are located in an actual physical space meant for networking. Others operate on a virtual basis. It all depends on the needs of the startup.
Tech, lawyers and accountants are just a few services incubators can offer, but the list goes on and on. And because the space is not limited to just one business, there are a lot of networking opportunities to seek out. Overall, it is an innovative, creative environment.
Cannabis Business Incubator
Cannabis incubators are popping up all over the country. This shows how the thoughts on marijuana legalization are changing and people are seeing it as a profitable and mainstream business in the future.
Incubators are helping fund small businesses, which are accepted into the program, get started and give them the knowledge and tools they need to be successful. In return, the incubator receives a small share in the company.
A great example of a cannabis business incubator is Green Labs Denver. Green Labs is an incubator, in you guessed it, Denver! They don’t only cater to cannabis startups but regular start up business as well.
They provide desk space, tech, sales training, fundraising support, legal services, investment strategy and a great community of other new business and entrepreneurs.
What is so cool about this type of work environment is that you can bounce ideas or collaborate with people or businesses you may have not come in contact with without the incubator. For example, Green Labs is currently housing a cannabis magazine, a cannabis product company, a portable safe company that specifically creates a locking safe for cannabis products, a scientific lab, a cannabis cleaning company and many more. Each company is so different but has one thing in common: WEED.
The Future of Cannabis Business Incubators
As mentioned before, these types of incubators are sprouting up all around the country. From Colorado to California, from Texas to Chicago – they are literally popping up everywhere.
Incubators are very important for the industry. They help the small guys hit the ground running with their business. They teach them how to be successful by giving them the right tools to succeed.
Going forward, I think a lot more incubators will be established. As more states legalize marijuana, either for medical or recreational use, the need for business incubators will increase. There is a place for everyone in the soon to be BILLION dollar industry.
Have you ever used or been to a cannabis business incubator? Tell us your experience on social media.