Marijuana is a great substance that is very beneficial for people dealing with life issues and illnesses. However many people use marijuana for the wrong reason, I believe it can be addicting to the people that use it irresponsibly. For instance, some people will get a medical marijuana card just to get higher strains of THC. Dampkring coffee shop and green bits are two companies that value marijuana in a way that complement each other very well.
There’s a local medical marijuana shop here in Stillwater named Simply Green Farmacy that I believe matches both company’s passion to serve their clients as well as continue to evolve their company. These three businesses potentially could make a lot of fortune together if they partnered together. Partnering in the cannabis market is a great way to form alliances with licensed producers, be able to establish a distribution network, as well as the knowledge and expertise of the management team. Another plus of partnering would be the fact that downstream marijuana product companies can gain access to licenses through the help of the strategic relationships of their partners.
Two of the strategic relationships that I mentioned previously that I think would show the most potential through the three companies is establishing a distribution network and gaining the knowledge and expertise of a management team. Establishing a distribution network with green bit would benefit Dampkring, and Simply Green Farmacy because it would increase the companies source of marijuana, the ability for both companies to be able to get their products to a more diverse mass of clientele being that Dampkring is in Amsterdam and the other two companies in the United States.
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Gaining the knowledge and expertise of a management team is beneficial to all of the companies. Having knowledge and experience on how to run every facet of a business dealing with marijuana is plus because you can never know too much about your business. The overall demand for cannabis products continues to rise globally, more and more companies are looking to pursue partnerships in the cannabis market, which will help their brands and further establish their business (Investing News).
For Dampkring and Simply Green Farmacy to function completely in Stillwater, Oklahoma they would need to come up with a contractual agreement. Because Dampkring is in Amsterdam for them to open a chain in Stillwater they would only get 25% of the profits whereas Simply Green would receive 75%. The best type of contract for both of these businesses to merge is the management contract. A way to help with the lower percentage of profits is to introduce royalties into the contract.
Royalties will help Dampkring make more profit within the business rather than them having to start multiple chains just to make an honest dollar in the United States. One of the most important parts of having a marijuana business is the responsibility it comes with outside of the business such as kids being around it or possibly eating an excessive amount of edibles because they think it’s candy. Things they can do to handle this issue of children being safe around marijuana is to limit the use and where you store it. Since you can’t go around and tell people what to have around their children the best way to raise awareness towards the issue is to print information out about it on brochures and send the brochure out to each customer after their purchase.
The next thing I believe they can do involves what the marijuana comes in. I believe that for customers with younger kids they can have childproof containers because it works for younger kids for older kids they should incorporate a complimentary box that has a lock code on it that the parent or guardian sets so only they know how to access it. I think that focusing on economic responsibility and ethical business practices could benefit Dampkring, green bits and simply green in the long run because customers will applaud their effort on not just the quality of the product but the effort they put into the awareness of protecting children from the substance as much as possible (Safe Access).
