The cannabis industry is constantly evolving. Expected to reach $30 billion in annual market value by 2025, the budding industry brings with it some challenges related to cannabis’ legality, marketing, distribution, and keeping up with an ever-changing landscape. So how can we battle unpredictability? It starts with choosing long-term partners in a fluctuating market.
Finding Partners in the Cannabis Industry
Like in any industry, you want partners you trust. However, given the industry’s dynamic nature, you also want to ensure that you work with partners that are willing to grow and adapt with you. Whether they work in finance, regulatory compliance, or are simply buying raw materials to become processed cannabis products, relationships matter.
The fast-moving nature of the industry means that many fall prey to a quick cycle of finding partners, fulfilling needs, then dropping partners. While this may seem like a responsible, reactive response to meet ever-changing needs, if no consideration to a long-term fit is made, it could leave you high and dry. You’re looking for commitment and consistency—not just to save on onboarding costs, but also to have partners by your side to experience anything the industry throws your way, together.
Here are a few things to consider when choosing long term partners:
Both buyers and sellers should avoid the ‘get rich quick’ mentality, and instead realize that strategic decisions have to be made to navigate fast-changing regulations.
Whether working with indoor or outdoor cannabis cultivation, transparency is everything. That said, don’t rush into any partnerships. Make sure you have the data, respect, and good communication to be sure that both parties will get what they need.
Seek diverse skills. With indoor cannabis cultivation, you’ll need a certain set of partners: lighting, nutrients, etc.; and the same goes for outdoor cultivation. If you find supportive, trustworthy partners that can tackle a few areas, it will save you resources down the road.
Find partners that elevate you and your brand, those who want to see you grow and succeed—not just make a quick buck. Future storms will come, and it’s much easier to weather them with partners by your side that want the best for you.
Why We Joined a Cannabis Cooperative
That last point is actually why we joined a cannabis cooperative—one of the best decisions we’ve made at Giving Tree Farms. Not only does it help us fulfill b2b orders of any size, but we’ve come to consider the other farmers in Hive Mendocino as family. Faced with the same challenges and triumphs, they’ve provided a shoulder to cry on and words of wisdom to help us get through the tough times and celebrate the good ones.
In fact, other farmers are some of the best partners you’ll have! When it comes to starting/joining a cannabis cooperative, you’ll be tapping into a new network of distributors, laboratories, processors, distributors, and media outlets. Through word-of-mouth, you’ll be able to get recommendations and advice that will help you form your group of long-term partners.
With this co-op, we’ve really found our tribe. They’re the butter to our bread, and one of the best ways we’ve been able to share resources, save time and money, and support sustainability in the industry. Not only that, but we’ve been able to get quality, clean craft cannabis into the hands of those who want the best. Interested in learning more about that? Set up a wholesale account today, and take the first step towards becoming one of our long-term partners.