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North Star Law Group PLLC
1295 Bandana Blvd. N
Suite 335
St. Paul, MN 55108
(651) 330-9678

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What else does OCM want to know?

Home|Newsletter|What else does OCM want to kno…
December 7th, 2023

Note from Jen Randolph Reise

Last week I was out in Las Vegas at the cannabis industry's huge annual conference, MJBizCon. As those who have done MJBizCon know, the conference is the tip of the iceberg - it includes a truly enormous expo of technology and suppliers to the industry, networking events, and awards shows.

My personal mission was to learn as much as I could about regulatory and compliance in other states, as well as innovation in the industry, that I could bring back to Minnesota. I also made a ton of connections with service providers who could be helpful to my clients. And, I had some fun, too, including meeting up with Minnesotans for the Jack Herer Cup and the EmJay Awards.

It was a whirlwind! I'm glad to be back and helping clients finish 2023 strong.

LinkedIn Instagram
 

MN - OCM Updates

Personnel Changes

On 11/27, Minnesota’s Office of Cannabis Management (OCM) announced Max Zappia will be joining the agency as the Implementation Chief Regulatory Officer. He will be helping to lead the design, implementation, and launch of the regulatory structure for the OCM. You can read more about the OCM Leadership HERE.

Minnesota is now looking for top regulators for both its medical and recreational marijuana industries with the recent resignation of Chris Tholkes, who had led the Office of Medical Cannabis within the state Department of Health since 2019. Alex Hooper will take over as Minnesota's interim medical cannabis director. You can read more at the Star Tribune HERE.

Surveys for Public Input

OCM has developed a schedule for future surveys, and we are seeing these surveys as a fundamental way they are gathering information for rulemaking.

The second survey is now available - this survey covers testing, environmental controls, and pesticides and fertilizers. The deadline for the second survey is December 14th, so act quickly to make your voice heard!

UPCOMING SURVEYS:

Available Dec. 15–28: Retail business operations; retail sanitary standards (facilities and handling); expedited complaint process for local governments

Available Dec. 29–Jan. 12, 2024: Packaging and labeling; integrated cannabis tracking, inventory, and verification system

Available Jan. 13–Jan. 26, 2024: Licensing; social equity considerations

Take the NEW OCM Survey Here
 

Minnesota Hemp News

As of December 4, 2023, online applications are open for anyone looking to grow or process hemp in Minnesota in 2024. Applications can be submitted until April 30, 2024. (Please note that you must pass a required criminal history background check, submit to pre-harvest THC testing for each "lot" of hemp grown, and may be subject to random inspections of processor locations.)

"License fees will remain the same. The minimum cost of a grower license is $400. A processing license is a minimum of $500."

More information can be found at the link below at the Minnesota Department of Agriculture website. North Star Law Group is ready for your questions about becoming a hemp grower/processor!

MN 2024 Industrial Hemp Program
 

Educating via Minnesota State Law Library CLE

In case you missed it: North Star Law Group's Jen Randolph Reise and James Gempeler presented a webinar through the MN State Law Library about Minnesota's changing cannabis laws to an audience of 85 judges, clerks, prosecutors, and other government employees!

The link for this recording (and others) can be found HERE.

 

Cannabis Community Question:

Should I be working on a business plan?

Written by North Star Law Group (Info as of Dec. 2023)

What is included in a business plan?

A business plan is a great way to get your ideas onto paper to determine what defines your business and to get an idea of what the costs are going to be.

Key components usually include an executive summary, products/services the business offers, market analysis, marketing strategy, and financial plans/projections. (Note: there may be other items included in your business plan, but the list above includes items that should not be overlooked).

The executive summary should include a snapshot of what the business concept is, the competitive advantage, and a (favorable) financial projection. The executive summary should be short and compelling to make the reader want to finish reading your plan.

The products or services section should be just that, explaining what your business will offer. That leads into the the market analysis, which includes the competitors to your business, who your target audience is, and how those factors interact with your business.

The marketing strategy section should include how you intend to attract and keep customers. This should include the mechanism in which your business will get its product/service to the customers.

The financial plans/projections section is one section investors will surely spend a plethora of time viewing. This section should be realistic but favorable. A part of making this section realistic is that your business will likely not turn a profit in the first year (or maybe even the first two years). However, it is not all doom and gloom for your business, that is why you are drafting a business plan, to be prepared to create a successful concept.

Another tip when drafting this section is to think of any expense that the business could incur. When thinking of expenses, it is better to overstate expenses for unknown items. This will also allow you to research the costs of items such as equipment necessary for your business.

A business plan can be tricky and will take some time to get a final draft completed. It may raise new questions about what your business will need to succeed and compete. That is part of the value of it!

Why are business plans important?

In addition to helping founders think carefully about their business, a polished business plan is crucial for a business to obtain funding or attract investors. When investors are deciding whether to invest in your business, they will want to see your business plan. If investors are looking at your business plan it is crucial that your business plan is polished and ready to entice the investors to invest in the concept. As mentioned previously, investors will want to see the financial projections. Because the investors will spend some time on this section, it should be realistic and not illustrate astronomical growth.

Even if your business does not need funding, a business plan can keep a business and its owner(s) on track with their original goals. Alternatively, the owner(s) will be able to see why it may be a good reason to deviate from the original plan. Further, you can use the business plan to track your progress on your financial goals. The business plan should be a living document so that it grows and adapts to your business. As the business grows, the business plan can be checked to measure the progress of the short-term and long-term goals of the business.

Minnesota cannabis businesses have an additional reason to focus on their business plan: licensing. Even though licensing applications seem far into the future, it will approach quickly. A well-thought-out business plan will be a key part of the licensing application for Minnesota cannabis businesses. It's also a piece that you can start now, so it is one less thing to worry about come licensing. As mentioned previously, creating a business plan will help put ideas to paper and help you understand the costs of what it will take to open a Minnesota cannabis business.

In response to questions like these, North Star Cannabis Law is proud to launch our Business Plan Review Service! You'll get resources and samples of real business plans, as well as feedback and suggestions on your draft.

Contact us to get help!

Do you want your question answered in our next newsletter?

Send us your questions Here!

Ready to launch a cannabis business? Need personalized advice?

Call 651-330-9678 or e-mail at jen@northstarlaw.com to set up a free 15-min meeting!

 
 
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Nothing in the above newsletter should be construed as actionable legal advice. Please consult with your attorney 1:1 for personalized advice on your legal issues.

 

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