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Can a Cannabis Business Plan and EB2 NIW Business Plan Ever be the Same

When the majority of the industries were trying hard to survive the pandemic, the cannabis industry in the Unites States grew multifold. With a record sale of $17.5 billion in 2020, cannabis becomes a promising business prospect for budding entrepreneurs. However, the stringent federal laws surrounding cannabis businesses in the US raise a lot of questions. One of which is, whether a Cannabis Business Plan and EB2 NIW Business Plan will ever be the same.

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Can a Cannabis Business Plan and EB2 NIW Business Plan Ever be the Same

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  1. Can a Cannabis Business Plan and EB2 NIW Business Plan Ever be the Same? When the majority of the industries were trying hard to survive the pandemic, the cannabis industry in the Unites States grew multifold. With a record sale of $17.5 billion in 2020, cannabis becomes a promising business prospect for budding entrepreneurs. However, the stringent federal laws surrounding cannabis businesses in the US raise a lot of questions. One of which is, whether a Cannabis Business Plan and EB2 NIW Business Plan will ever be the same. Let’s explore… What is Cannabis? Cannabis is generally considered to be in one of two categories, which are marijuana and hemp. All cannabis has two primary components, cannabidiol (CBD) and tetrahydrocannabinol (THC). All cannabis contains THC and CBD but in different ratios. THC has psychoactive effects while CBD does not. Taking all this into consideration, the United States passed the Farm Bill in 2018 which removed “hemp” from controlled substance act. In this Act, hemp is defined as cannabis with less than 0.3% THC. Cannabis with more than 0.3% THC is still federally illegal in the US. EB2 NIW Business Plan orCannabis Business Plan So, if you are contemplating your options of entering into this young industry that is speculated to grow exponentially in the coming years, now is the time. Craft a foolproof cannabis business plan and get started with plenty of unique opportunities this sector offers. EB2 NIW (National Interest Waiver), being a second preference immigrant visa for foreign entrepreneurs, can be of great help to start a cannabis business in the US. This EB2 visa is envisioned for professional with outstanding skills or expertise or academic record in the fields of science, arts, or business. Interestingly, the NIW category for EB2 visa exempts applicants from the labour certification and valid job offer, making the application process less complicated for foreign entrepreneurs.

  2. However, if your EB2 NIW Business Plan is a cannabis business plan, it will not be as easy as it might sound. The EB2 NIW business plan for a cannabis business will be an intricate job that must be done with utmost diligence. The cannabis business plan must be well-thought-out and thoroughly researched. It must cover – · In-depth research on federally legalised cannabis and its derivatives. · Cannabis market that your business will cater to. · Demographic segmentation to target your customers effectively. · Regulatory hoops and uncertainty around them. Stay up-to-date on the new developments. · Clear understanding of legal obligations and abiding by them. It is highly recommended that when chalking down your cannabis business plan, not to include the supposed benefits of cannabinoids in the marketing strategy. This industry is always under scrutiny for various reasons, so, selling your cannabis business plan or EB2 NIW business plan over the benefits can go against your business proposal. Challenges in EB2 NIW Business Plan for Cannabis Businesses Being a foreign entrepreneur who is seeking a start-up in cannabis industry in the United States, a comprehensive EB2 NIW business plan is a must. However, in this case, an EB2 NIW business plan happens to be a Cannabis Business Plan, which poses certain challenges like – · Demonstrating how the prospective business idea is of national interest and implies national benefits. · Analysing the prospective venture while emphasizing your business experience and accomplishments in the past enterprises. Proving these two factors in the context of cannabis business can be tough but not impossible. Keeping the focus on your business skills and understanding of federally legal cannabis, you can prove how your business acumen will positively impact the national economy. Moreover, the proposed business will create ample employment opportunities for locals, citizens, and other legal residents. In short, you have to make a strong case to get started in an industry that is speculated to touch in sales by 2024. Undoubtedly, a cannabis business will come with uncertainty around the shifting legal landscape but the plethora of opportunities it offers makes it worth it. So, taking the help of legal advisors and professionals with expertise in writing business plans is highly recommended.

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