Best Practices For Choosing Business Partners In The Cannabis Sector

By Vlad Valme

Over the past six years, we’ve seen the cannabis industry evolve tremendously – from the products available to the technology used to make those products, as well as the business acumen of the individuals and companies serving this continually growing industry. These changes and shifts are expected in an emerging industry like ours, and change means new opportunities for most cannabis companies. Taking full advantage of the opportunities available will depend on the successful partnerships that your company develops along the way.

Choosing a partner for any aspect of your business is important for success. Those who create the best relationships with other innovators and cooperative businesses will have the best chance of influencing the future of the space. The cannabis industry has been built upon camaraderie and connections, but there should be thought given when taking that camaraderie into a mutual business arrangement. Successful growth in this industry means choosing partners that help develop and maintain your business model.

Here are some best practices to consider when deciding to work with a partner in the cannabis industry:

  • Know who you are as a company. Having clearly defined goals and objectives is a good first step. If you don’t already have these guideposts, sit down with your leadership team and brainstorm ideas, and then formally put them down on paper. Outside branding experts can help you craft these important statements if you need help. These points are extremely important to have solidified before you start the process of building partnerships. Find others that have a similar ethos to yours, who will ultimately bolster progress toward meeting your own company goals. The partnership arrangement should give you another player on your side, supporting your objectives.
  • Do your research first. Even though the cannabis space is growing and changing, we all tend to know one another to a certain degree. Word travels fast when a company is doing a good job and innovating; word travels even faster when a company is falling short. Talk to your peers and colleagues, do some good old-fashioned Googling and see what the chatter is about your potential partner. Seek out references that you trust. Do they have positive endorsements from reputable clients? You don’t want to end up in a partnership with a company that could potentially degrade your own reputation or occupy your time unnecessarily.
  • Determine the level of acceptable risk. Depending on the type of relationship you are considering, there can be a certain degree of risk – both to your own company and to your partner. Try to structure your agreements so there is minimal risk to both parties. Depending on your business model, you can find partners whose complementary areas of expertise will ultimately benefit your own clients, and vice versa. You can get creative with things like determining whether to build in terms surrounding minimum thresholds or exclusivity. When it comes to partnership agreements, there is usually not a “one size fits all” approach.
  • Can the partner extend your brand? We all know business success is directly connected to who you know. Partners with vertical brand relationships outside of your primary market can act as an extension of your own team, building brand awareness and sales with clients in sectors that you may have not otherwise engaged. These partnerships can be invaluable in boosting company reach and sales, especially when it comes to the international market.
  • Will the relationship be mutually beneficial? This may seem like a no-brainer when entering any kind of partnership, but it’s worth calling out. What efficiencies does the partner bring to the table that will directly benefit your own clients? What benefits does your product or service provide that will directly benefit your partners? The partnership must be mutually beneficial to the core business of both companies, and leave both companies more successful than they would be without the partnership.

These are some of the basic considerations to keep in mind when you are selecting new business partners. With the rapid movement of the cannabis industry, those who develop dependable and mutually beneficial relationships with other businesses will have the best chance of continued success. Choose wisely.

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Is Delta 8 federally legal?

Delta-8 is legal federally, and most state laws don't specifically address it. Due to ambiguities in the 2018 farm bill, which legalized hemp and hemp products, delta-8 is currently not prohibited by federal law.

What are the benefits of Delta 8?

In the human body, Delta-8 binds to the CB1 and CB2 receptors. Because it binds to both receptors simultaneously, users experience a milder cerebral high. When compared to the effects of THC, users describe a more clear-headed, productive, energetic, and upbeat feeling.

Is Delta 8 or CBD better?

Difference Between Delta-8 THC and CBD Delta-8 THC may not be as prominent as Delta-9 THC, but it is still among the predominant cannabinoids with psychoactive properties. However, CBD is NOT a psychotropic cannabinoid. While CBD can have better results in the long run, Delta-8 THC can give you a quick fix.

Can you fly with Delta 8?

Is it Legal to Fly with Delta-8-THC? Often, yes! It is legal to fly with Delta-8 when you are flying to and from areas where Delta-8 is legal, as long as the airline you choose doesn't specifically prohibit Delta-8 products.

Does Delta 8 help with anxiety?

Contains less than 0.3% Delta 9 THC. Good for chronic pain and anxiety relief. It does not cause paranoia or increased Anxiety.

Is Delta 8 a controlled substance?

Delta-8 is considered a Schedule 1 Controlled Substance by the US Drug Enforcement Administration (DEA) because it is known to cause psychoactive impairment to the consumer.

What is the difference between Delta-8 and Delta 9?

Delta-9 THC is a property of cannabis discovered all the way back in 1964. The primary difference between Delta-8 THC and Delta-9 THC is that Delta-8 is just a bit less psychoactive than Delta-9. This means that products with Delta-8 THC have a more gradual, and therefore more satisfying, effect on the consumer.

Does Delta-8 become 11 hydroxy?

Although in an edible form, Delta-8 THC can metabolize into a natural chemical called 11 Hydroxy tetrahydrocannabinol. Since 11 Hydroxy THC can only be absorbed through the liver, the molecule's possible psychoactive effects can last up to 6 to 8 hours during digestion.

Does Delta 8 make you sleepy?

According to the NCI, Delta-8 uniquely binds twice with cannabinoid receptors in the nervous system that play a role in sleep by calming down processes like breath, heart rate, and mental activity.

Does Delta 8 Flower get u high?

Delta-8 THC is one of the hottest topics in cannabis right now. It's a minor cannabinoid that can get you high like traditional THC, but much less so. Delta-8 found in small amounts in the cannabis plant and is often converted from other compounds like CBD.

How does Delta 8 affect the body?

5 benefits delta 8 could offer you According to the National Cancer Institute, delta-8 THC can bind to the CB1 receptor throughout the body. These receptors are part of our endocannabinoid system, which helps our body regulate and maintain homeostasis.

Does Delta 8 contain CBD?

Delta-8 is yet another compound derived from Cannabis sativa or the hemp plant. As you likely know by now, this is the same natural origin that CBD, THC, CBG, CBN, and CBC come from, too. Though all of these compounds are related to some degree, delta-8 is closest to CBD and delta-9 (also often known plainly as THC).

Does Delta 8 cause euphoria?

Delta-8 may not produce intense euphoria, but it will take effect pretty quickly. Depending on your mode of intake, of course, the time of impact will vary. If you vape it, you will experience the effects within 1 to 6 minutes. If you use a tincture, you will get the first effects after half an hour.

Is Delta 8 legal in all 50 states?

The Short Answer: Yes. Hemp-derived Delta-8 THC products, containing less than 0.3% D-9 THC is legal in all 50 states of the USA. But what if the extract contains more than 0.3% Delta-9 THC?

Can Delta 8 help you lose weight?

A research study from 2004 concluded that delta-8 helps increase appetite while promoting weight loss. This effect is certainly very unique, and scientists will do even more research on this subject. These effects might be due to the potential benefits delta-8 has on metabolism.

Does Delta 8 give you munchies?

Yes, Delta 8 can make you feel hungry. Delta 8 is an appetite-stimulating analogue of tetrahydrocannabinol (or THC). Of course this depends on the amount you smoke (vapes) or consume (edibles), but Delta 8 has been reported to stimulate your appetite, in some cases, even more than Delta 9 (marijuana).

Does Delta 8 make you laugh?

Whatever makes you laugh, Delta-8 is a great way to start the fun. In fact, we've developed Delta-8 products because we love to see people laugh.

What does Delta 8 convert to eating?

Delta-8 THC actually converts into delta-11 THC when processed through the digestive tract. Since delta-9 THC also converts into delta-11 THC when eaten, there's no special benefit to eating delta-8 THC. In general, research suggests that delta-8 has about two-thirds of the potency of delta-9.

Does Delta 8 affect your liver?

In the present study, we have demonstrated that Δ8-THCV exerted protective effects against liver I/R reperfusion damage by attenuating tissue injury, oxidative stress and inflammatory response.

Does Delta 8 make good edibles?

Our Delta-8-THC Gummies — Best for Beginners They contain 10 mg of delta-8-THC per gummy, which is a great dose to start your journey into edibles with. It will give you a relaxing buzz, and you can easily increase the dosage as needed. Our delta 8 gummies are made from a broad-spectrum hemp extract.

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