In the cannabis industry, only the smart survive

Like 1851 highlighted last week, where there used to be smoke, there’s now vape. And where there’s vape, there’s the expansion of the cannabis industry.

However, any burdgeoning market comes with unique challenges, according to Forbes.

The business news source recently came out with an article explaining the potential roadblocks on the hemp-store highway.

For example, because it’s still an emerging industry, marijuana prices may fluctuate, harming profit margins. Also, profits may be scant because the product’s so heavily taxed.

Forbes also warned the federal government could theoretically decide to shut down stores’ operations at any time because marijuana isn’t federally legal .

It’s important to be aware of potential issues that may shake up your business plans, even if they’re hypotheticals. If your business isn’t prepared for turbulence, you probably won’t survive in an up-and-coming industry like marijuana.

However, Forbes wasn’t a total downer. It highlighted one brand that it says can weather the hypothetical storm: Palm Beach Vapors. A vaping and e-cigarette brand known for helping customers quit smoking, Palm Beach Vapors primarily offers tobacco-based juice and recently became the first franchise to launch cannabis vape.

This is smart, because it means the brand is not putting all its eggs in one basket. It’s also on the right track because it’s a franchise. Franchising is an ideal way to break into the cannabis industry. Franchisees want to become entrepreneurs and have a ready-to-use business model, and franchisors can grow their brand without using corporate funds.

Because of its variety of products and franchise model, Palm Beach Vapors has just the type of flexibility necessary to withstand future challenges in an uncertain yet rapidly growing market.