You’re creating a product or service in an industry that’s tightly regulated. How do you strategize about your company’s growth in the face of new and changing laws? I’m Shanel Lindsay and the president and founder of Ardent. We created a decarboxylation device that helps cannabis patients activate their medicine and make any cannabis product for a fraction of the price.
Remain Compliant with Laws and Regulations
Obviously, we’re in a very regulated market and when you’re looking at creating a product or growing your business in an industry that’s highly regulated, you have to make sure that you’re being compliant at all times with the different laws. That may mean that you can’t sell your product in different places until those laws and regulations have changed and updated to allow for your service or product to exist.
Take a Role in Advocacy
When we first started selling, our product when limited only to people who had medical cannabis recommendations from their doctor in compliance with medical cannabis programs. As we’ve seen in the past few years, however, there’s been a huge shift in legislation surrounding cannabis with many states making cannabis legal for adults over twenty-one. While we were strategizing about our product, we were following the laws but also looking forward to the various opportunities that would exist in the future. This is why it’s important to make sure that you’re always keeping up with all of the different regulations that are pending.
You should also make sure that you as a business owner are supporting regulations that will help your business grow, especially if you are providing a service that can help improve people’s lives. It is very important to take a role in advocacy efforts when it comes to changing the stigma around your product. Eventually, that will help you as a businessperson as well.