1. My name is David Benjoseph and I am from Boca Raton, Florida. My family has been in the real estate business my whole life, so I have learned a lot about real estate and properties. Throughout my life I have always had small ventures that turned passions of mine into small businesses. I have experience with e commerce marketing and Facebook advertisement and making product sales face to face. For example, I sold hoverboards when they were trendy at my high school. I got in contact with a whole sale supplier and sold hoverboards to my classmates. I also started an e commerce store and sold trendy products to people all over the world through shopify. My aspirations for my business is to make the store a household name for people that are in the market of recreational marijuana. I would eventually want to make the store a chain, or begin to franchise it in states that have legal cannabis laws.
2. The product I will be selling is legal cannabis. I am meeting an unmet need by placing stores in states that have recently passed recreational cannabis laws. The is essentially a smoke shop that sells the actual cannabis as well.
3. I am offering the product to anyone over the age of 21 that enjoys the effects of cannabis. My target age range would be to younger people, specifically in the age range of 21 to 35. I believe the younger crowd would be more willing to go to a store and purchase cannabis. I also believe that the younger group is more interested, and would spend more money on recreational cannabis. All of my customers share a common trait of wanting to get high essentially. All of my customers will come to my store because they like the effects of cannabis, and want to purchase legally.
4. Customers will pay money to my store because I will serve the legal cannabis that they want. Currently, people spend hundreds of dollars a year for illegal cannabis through drug dealers in parking lots and street corners. My store is going to be in a state that has legalized recreational cannabis use, so they will no longer need to buy cannabis through drug dealers. People will come to my store over drug dealers because I will only sell premium, lab tested product. That way, my customers know they are getting non-laced, high quality cannabis. My store cuts out the risk and mystery factor of purchasing cannabis from a random person on the street. A lot of the time, cannabis users have no idea what they are actually smoking, and are taking a risk every time they use it.
5. My store will be set apart from everyone else because I intend on opening stores in areas that currently have no cannabis dispensaries (in states that have legalized is recreational use). If I am the first store in an area, I can capitalize on the new legislation. I also intend on making it a "one stop shop." I essentially want to create a smoke shop that also sells the actual cannabis. I believe this creates a more pleasant experience for the customers, with many opportunities to up sell related products.
I believe that all of the above elements fit together. I believe one aspect of my business that is weaker is the location/dependency on legislation. Even though I am basing my business on unknown circumstances, more and more states are legalizing recreational cannabis use every year. Given this statement, I do not believe that I will have an overly hard time finding a state to begin my business venture in.
David, good working jumping into the Wild West of cannabis. I like that you have chosen to concentrate yourself in areas that do not currently have dispensaries so that you can corner the market and serve an underserved community at the same time. Your previous business experience would serve you well as you have experience with in-person sales as well as online.
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