3 Hurdles to Address in Your Cannabis Business Plan for an Entrepreneur Pathway

1. 3 Hurdles to Address in Your Cannabis Business Plan for an Entrepreneur Pathway In 2018, Canada became one of the first countries to federally legalize cannabis for recreational use. This has paved the way for immigrants to entertain Cannabis Business Plans as a viable entrepreneur pathway. The market is still young and there is a lot of opportunity but, there are several considerations to make. This it true in any instance but becomes particularly evident when dealing with business immigration cases. Province Specificity Although cannabis is now legal country-wide, each province still has their own restrictions and regulations surrounding different types of businesses, including cannabis. This is very similar to America. Although recreational cannabis is not legal on the federal level in the country, states still manage and set their own rules around, including some that have legalized it for recreational use. The point is, you need to not only understand the federal regulations and limitations but, the provincial-

2. specific ones as well. This may be true for other business types but, is more a factor when it comes to something like a cannabis business plan. This applies whether it’s for an Entrepreneur Pathway immigration case or for a domestic entrepreneur. Market Risk Great business opportunities usually also carry some risk. When dealing with a cannabis business plan, it is especially important to consider your risks because it is such a highly regulated and restricted industry. It is also still settling into its norm and is subject to volatility. Many provinces still have yet to fully roll out their licensing programs for farming and cultivation. That’s just one example of some of the uncertainty. When pursuing an entrepreneur pathway, you don’t need to completely avoid risk but, you do need to be able to address it. None of this is to say that you should not pursue a Cannabis Business Plan as a potential immigrant but, in order to succeed, you need to make it obvious that you are fully aware of the risks and have considered ways to mitigate it. Economic Benefit There is a great deal of interest in the cannabis market in Canada since legalization and that makes it highly competitive. In every entrepreneur pathway, part of the consideration of whether or not the immigration case will be approved is the benefit it brings to the economy. In many cases, this is judged by the number (and type) of jobs created as well as the projected revenue and profits. However, another part of this consideration in many cases is the industry. The industry in which the business will operate can give additional merit to your chosen entrepreneur pathway. Each province has their own industries that they wish to develop based on their specific needs. A cannabis business plan, in most cases, won’t apply to the industry priorities. This doesn’t rule

3. it out completely but, means it may be more challenging. It also means you should focus on ensuring other benefits. In any immigration case, it is advisable to consult with an immigration professional. This becomes especially true for any business or Entrepreneur Pathway and is especially true if you want to enter a new – and newly legalized – market. Your cannabis business plan will need to be thoroughly researched and supported and in full alignment with the immigration strategy. This can be difficult to get right, so in addition to working with an immigration lawyer, you should also consider a business plan writer. The expertise of these types of professionals combined, can help you have the strongest immigration case possible.