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Finding funding can be easier than you think
The New York Times keep running stories on how startup capital is rushing into cannabis — rarely from traditional sources but, that, too, is changing. Cannabis hedge funds are even opening up. (Even three years ago, who would have thought?!!)
In fact, it’s getting increasingly easy because cannabis is becoming ‘respectable,’ fear-of-the-law is easing or disappearing, and a LOT of investors think this is a safe, easy way to make a lot of money. (Not necessarily, of course, but that another issue.)
Here’s what to do, and don’t do.
• Opening your pitch or presentation by describing the rich cannabis market, which everyone knows. That’s so 2015! It’s also throwing away your early-opening advantage — when you need to capture readers’ attention in the first minute or so.
• You need to start off with a ‘hook’ that says what you are, and why you’re unique. Grab their interest and do it fast. No laborious explanation — another common mistake.
• Presenting a mish-mash of information, diagrams and photoshopped illustrations are sure attention-killers. Hard to read and understand, therefore it won’t be read.
• Usually there’s no persuasive marketing strategy and credible business plan to show how the venture could make a ton of money. Thus if you’re a grower, how will you sell the stuff when your state is floating in cannabis? There are ways to do this, but I’ll keep that for another issue.
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Survive and Thrive in a Tough Cannabis Market