Lay the Foundation for your Cannabis Business.
It is extremely important to investors and cultivators that every dollar is maximized, and losses are mitigated. You can profit from good early planning and decisions for years to come. The first step is building the right structure for you to house your grow.
Build to Last.
Most importantly, make sure the structure you are building is solid. Hoop houses and similar structures will not withstand a severe hailstorm in Colorado, or an earthquake in California, let alone a hurricane in Florida. Make sure you build to last. This includes sprinkler systems, concrete foundations, impact glass, 8-hr fire ratings, and solid roofs. Burglar and fire alarms not only increase your protection, but insurance carriers also give you discounts for having active central-station alarms. Use top agricultural builders like Dominion-AG so you know your facility will perform for years to come.
Be Specific About Your Goals.
If you are looking to successfully plant and insure a large indoor grow for crop insurance, liability, and pollution for instance, insurance carriers will ask very specific questions: How many harvests are planned? What is the distance between plants? What type of herbicides will be used? All these answers effect insurance rates. Crop insurance is typically the most expensive of all coverage offered. If your goal is to hit a certain profit margin, then properly allocating funds for insurance premiums and build-outs are imperative.
D-I-Y Beware.
In the Cannabis Industry there are a lot of big Do-It-Yourself projects that are started, but later need to be abandoned, whether from lack of proper permits or for safety issues. When developing land and building grow houses every dollar counts and time is of the essence. It is important to hire contractors from the very beginning with experience. Many early D-I-Y cultivators have learned this the hard way. Treat your business like a major enterprise and it will pay dividends in the end. It is a mindset. When building a structure, you are building toward your future. This should include purchasing Insurance in preparation for potential hardship. The best businesses succeeding in the Cannabis marketplace today are the ones that made it through the early challenges and planned for changes along the way. While Cannabis is a highly specialized crop, the same rules for a successful grow apply, and that starts with the purchasing the right insurance and building the right foundation for your grow.
About the Author-Emily Leander, Dir. of Sales at GreenWrap Insurance
Over twenty years ago I began my insurance career and positioned myself should the United States collective dream of growing and selling hemp and marijuana become a reality. I focused on Agriculture, Construction, and Life Sciences insurance. This has led to insuring fields from California to Florida for cultivation and land development.
Visit www.greenwrapinsurance.com for insurance inquiries or contact Emily Leander,
Dir. of Sales and Founding Member emily@greenwrapinsurance.com
Visit www.dominion-ag.com for construction inquiries or contact Todd Friedman, Dir. Of Strategic Development at Dominion-AG tfriedman@dominion-ag.com