Cannapreneur. It’s a word that’s new to most people’s vocabulary, but nothing new to those who are following their dreams in the cannabis industry. A play on cannabis and entrepreneurs, cannapreneurs are expected to blaze their own trails in a seemingly all new marketplace. One that not only differs from state to state but is riddled with rules and regulations to upkeep and maintain for optimal success.
So what exactly is the modern day definition of a cannapreneur and what are some best practices you can implement to be a successful entrepreneur in today’s cannabis market? Keep reading for our ultimate guide to starting your own edibles business in California or other consumables that are on trend now.
The Cannapreneur Meaning
To become a cannapreneur, first let’s get into the cannapreneur meaning. Cannapreneur is the combination of cannabis and entrepreneur; hence, it means a cannabis entrepreneur. Cannapreneurs are often creative, innovative, and pioneering in blazing the trail in an all new industry.
Some of the most popular products that cannapreneurs will often launch include –
- Edibles – Edibles are popular among cannabis entrepreneurs for the practically never-ending possibilities you can create. In 2023, cannabis analytics data firm Headset published sales statistics showing that the creativity of edibles is winning amongst consumers. The category showed a 10% increase in total sales year-over-year.
- Pre-rolls – Another quickly growing category for sales comes to us from pre-rolls, and infused pre-rolls. This category jumped 12% according to the headset data, and are innovating amongst themselves. With products like “hash holes” or pre-rolls filled with hash (like a donut, get it?).
- Vape carts – Vape carts offer cannabis consumers discretion and potency from the practically odorless vapor it produces from the oil, with THC levels of up to 99%. Becoming especially popular are rosin vape carts, which offer consumers solventless oil to vaporize vs. oil made with the use of harmful solvents like ethanol, butane, or propane. Vape carts also steadily increase in sales, year to year, with a 5% increase in 2023, as discovered by the same Headset data.
- Concentrates – Last but not least, cannapreneurs are also increasingly entering the concentrates space. This not only includes current cannabis entrepreneurs like cultivators, who now want to produce concentrates like solventless rosin, diamonds, etc. But also new cannabis entrepreneurs who are seeking to launch a brand in a category that tends to capture the highest price amongst consumers.
But it’s not just new entrepreneurs that can become cannapreneurs. It’s current entrepreneurs too. In fact, the cannabis industry is quite popular for mainstream crossovers. For instance, established food or snack brands may enter the cannabis industry with an infused version. Or, celebrities who are already well known might want to launch their own product with their name on it.
So, what are some of the best practices for cannapreneurs looking to break into the cannabis industry the most cost effectively and time effectively? Let’s get into those next!
Best Practices for Cannapreneurs
First and foremost, let’s get back to a couple words that help define cannapreneurs: innovative and creative. For most entrepreneurs, they’ll run through the checklist of what all business owners should do to start their own business. Buy equipment, find and hire the right team, source a location, etc.
But in cannabis, where things aren’t so traditional, cannapreneurs have a more difficult time getting traditional loans or financing, and here’s where getting creative and being innovative come in handy the most.
To be the most successful, cannapreneurs have to focus on what matters most in the industry –
- Competitive edge
- Product differentiation
- Profit margins
- Consumer education
- Brand awareness
All with less capital raised than traditional businesses. What can help is navigating non-traditional ways of manufacturing. Rather than purchasing or leasing a building, equipment, and having to hire your own staff – shared manufacturing facilities, facilitated by California’s type-s licenses, can help.
In these facilities, like My Green Network in Santa Ana, you can take advantage of –
- Shared cannabis kitchen space
- White label cannabis opportunities
- Private label cannabis opportunities
For shared cannabis kitchen space, you’ll own your own license and use the facility to manufacture the product on your own. With white label cannabis opportunities, you can select from a variety of white label cannabis products that MyGN produces and brand them as your own. For private label cannabis opportunities, you can craft your own unique product through research and development with the MyGN team to make it your own.
This market entry route allows cannabis entrereneurs to reduce their initial set up costs, appropriately supplement their branding and marketing budget for consumer exposure, and launch a quality product that can protect brand reputation and customer loyalty.
Even more, type-s facilities can help brands that are already licensed
My Green Network: The Hub for Cannapreneurs
My Green Network is a proud cannapreneur partner that helps cannabis entrepreneurs manufacture their dream product or brand more cost-effectively. Due to its type-s licensing, using MyGN’s shared manufacturing facility or white label cannabis services doesn’t just save you money but also time, expediting the lengthy and complex licensing process.
In California, with high taxes and high competition, cannapreneurs must be smart and strategic about their brand’s market launch. By using MyGN as a cannapreneur partner, you can lean on their in-house experts for –
- Compliance and state regulations
- Packaging and labeling
- Branding and marketing support
- Retailer outlets
- State of the art facility and equipment