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Industry Insights: Strong Business Partnerships and Success in the Cannabis Industry

In an industry that prioritizes relationships and camaraderie, the right partnerships are an important element of success for any cannabis business. At Thompson Duke, we’re lucky to have strong partners that have helped us innovate and future-proof in this fast-moving space. However, we didn’t cultivate these connections by accident: we have chosen to work with others who will not only help develop and maintain our desired business model, but also those who have a similar ethos.  

Our Operations Manager, Vlad Valme, wrote more about how critical the right partnerships are to business success in his most recent article for Cannabis Business Executive. The piece, called “Best Practices for Choosing Business Partners in the Cannabis Sector,” draws on Thompson Duke’s own experiences and provides a framework for companies who are evaluating collaborations and relationships that will help them reach their goals. 

Some of the best practices Vlad outlines in his article include: 

  • Working internally to clearly define company goals, objectives and desired outcomes.
  • Doing some good old-fashioned research on potential partners, which can include everything from Googling for reviews to speaking to others in the industry.
  • Determining how much risk you are willing to take with a new partner, depending on the type of relationship, and modifying your business agreements on a case-by-case basis.
  • Uncovering how well-positioned a partner is to extend your brand and business – particularly for those business sectors in which you may not have otherwise engaged.
  • Ask yourself about the real benefits of the relationship and if it will make you more successful in the end.

Vlad closes his article with: “These are some of the basic considerations to keep in mind when you are selecting new business partners. With the rapid movement of the cannabis industry, those who develop dependable and mutually beneficial relationships with other businesses will have the best chance of continued success. Choose wisely.”

For the complete article in Cannabis Business Executive, visit: