As cannabis legalization pushes forward throughout the United States, there is a parallel and growing effort to organically integrate the wellness community, including areas such as fitness, yoga, meditation, Ayurvedic treatment and acupuncture, with the evolving cannabis landscape.
The Global Wellness Institute defines wellness as “a modern word with ancient roots, and it’s the active pursuit of activities, choices and lifestyles that lead to a state of holistic health.”
Maybe cannabis is infused within the practice or treatment. Maybe it is incorporated apart from when the specific practice or treatment takes place, and rather it’s part of an entire wellness regimen or program.
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And maybe there is no infusion, but rather a focus on education around cannabis. Perhaps as a caregiver, family member or friend, there is a genuine desire and commitment to learn about the many benefits that cannabis can afford to those in need — from a medicinal, physical and/or mental approach.
This change in the legal environment along with this curiosity in the wellness community has altered the landscape. There’s an opportunity for businesses and entrepreneurs to navigate this rapidly changing industry and work to create an array of wellness spaces that incorporate the types of treatments and modalities discussed above with cannabis products, usage and/or education.
The window of opportunity has opened, most recently on the East Coast, as states continue to legalize adult use and regulations roll out. Now is the time to look to authentically shift into that space as either an existing business that seeks to restructure and reframe itself, or a new business eager to pursue opportunities in the cannabis/wellness space from the ground up.
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The following are some of the considerations to keep in mind if you are considering opening or adding a cannabis and/or wellness business, whether as a fitness facility, a yoga studio, or an “all-encompassing” wellness center:
- Corporate structure and business plan
- Founding documents for the business and its founders, investors and employees
- Agreements between the business and its clients including cannabis-specific provisions
- Assessing potential liability concerns associated with owning and operating a business in the wellness space and/or the cannabis space and determining best practices and strategies to mitigate risks
- Ensure proper state licensing for any cannabis-related activities
- Determine what type(s) of insurance are necessary to obtain for yourself and the business
- social media management
While combining cannabis and wellness is certainly not a novel concept, what is new is building and maintaining the types of businesses discussed above as cannabis legalization continues to sweep through the country on a state-by-state (and, hopefully, eventually federal) level . We are at the precipice of change in the wellness space, where operators have the opportunity to help bring their business to the next level with the potential incorporation of cannabis into their operations.
Would you like to learn more? For additional conversation and assistance, please reach out to Melissa Greenberg, Esq. (Attorney and Regulatory Advisor, in addition to being a Certified Yoga Teacher) at Feldman Legal Advisors PLLC and Skip Intro Advisors LLC.