The legal cannabis industry is growing fast. Sales in the U.S. lept from $17.5 billion in 2020 to $25 billion in 2021. Experts predict 2022 will add another $5 billion by the end of the year and that sales could reach $100 billion by 2030.
As one of the fastest-growing industries in the U.S., the legal cannabis market is ripe with opportunities for ambitious entrepreneurs looking to start and grow successful operations. While the official numbers aren’t in yet, Curaleaf, which has been expanding for the last few years, is on track to bring in nearly (if not more than) $1 billion for 2021.
Agrify, an ancillary company that sells vertical farming units for cannabis, is going vertical itself. With its recent acquisitions, it aims to provide similar systems for the extraction process. Its goal is to enable its customers to grow, harvest, and process plants with a single system.
As a cannabis business, expanding your operations is likely one of your top goals. Having a plan and securing financing can help you achieve it.
How Do You Know It’s Time To Expand?
No matter what type of cannabis operation you run, there are a few signs that could indicate it’s time to start expanding:
- You have more business than you can handle. You may find yourself struggling to keep up with orders or having to turn away customers because you can’t take on any more.
- Space is getting tight. If your current location is too crowded, it can become a safety hazard. It can also impede your everyday operations.
- You’re constantly selling out. Insufficient inventory limits your potential and could frustrate customers.
- You’ve grown too comfortable. When business stagnates, your operations could go one of two ways. Expanding your operations keeps you moving forward instead of slipping backward.
Ways To Expand Your Cannabis Operation
How you expand your cannabis operation depends on your business and your goals. Here are a few ways you could grow:
- Move to a larger location or open a second one
- Consider cannabis franchising
- Acquire or partner with other businesses
- Increase your inventory
- Add new products or services
- Increase customer retention while tapping into new markets and attracting new ones
How to Finance Your Expansion
Expanding a cannabis operation requires money. If you don’t have the funds available, cannabis financing enables you to secure what you need to help you achieve your goals.
You might not have access to the financing solutions available to businesses in other industries, but you still have plenty of options with companies like Bespoke Financial. We offer several options to businesses in various sectors of the cannabis industry, including:
- Lines of credit: a revolving credit line that you can use whenever you need
- Invoice financing: sell unpaid invoices for faster access to working capital
- Purchase money financing: funding that enables you to fill more purchase orders
- Inventory financing: purchase larger quantities to meet growing demand at lower prices
Whether you’re a cultivator, manufacturer, retailer, or even an ancillary organization, we can help you get the flexible cannabis funding you need to grow and succeed.
Get Flexible Cannabis Financing That Helps You Meet Your Goals
With the industry growing so rapidly, cannabis operations like yours have the opportunity to grow and succeed. With a solid plan and access to cannabis financing, you can take the necessary steps to achieve your goals.
Don’t let a lack of cannabis funding keep you from expanding your operation. Visit Bespoke Financial to begin your application today!