If you’re a cannabis enthusiast then you might know that it dates back thousands of years. If you’re passionate about the cannabis industry then you might be interested in starting a cannabis company.
While it might seem overwhelming to pinpoint what’s necessary to start a cannabis company, there’s hope. This article will take a look at the different factors you’ll want to consider before you begin. Read on to explore these different factors and make sure that you’re ready to start a business today.
1. Picking Your Angle
Different industry leaders in the cannabis industry such as Jasdeep Singh, COO of 3BC can give you helpful tips and tricks for starting a cannabis company. Before you begin, it’s important to pick your angle carefully.
Determine whether you’re interested in selling clothing, consumer items such as toilet paper, perfumes, etc. Decide what your strengths are for different cannabis products, and do what you’re passionate about.
2. Hire a Lawyer
Even if it’s legal in your state, there are local cannabis laws that you’ll need to abide by. There are also different fees, taxes, permits, and licensing requirements.
As with any other business, you’ll need to look into tax paperwork, checking copyrights and trademarks, etc. Even if you think that you’re all set, it’s still a good idea to hire a lawyer who is knowledgeable on the legalities and requirements of the cannabis industry. Even if you’re selling cannabis online.
3. Have a Business Plan
All businesses need to have a business plan including their goals, budget, and plans for the future. This can include your digital marketing strategy as well.
While it’s not a requirement, it’s good to have in order to figure out whether you’ll be borrowing money or not. This can include money from investors. It’ll also include how you plan to scale your business and make a profit for the long term.
4. Understand Your Consumers
Starting any business will require you to identify your ideal audience and target them in your digital marketing strategy. This will let you know who is interested in the products or services that you’re offering. Dive deep and figure out what their different wants and needs are.
It’s best to form connections with your ideal audience. Be active on social media and offer informative advice and provide meaningful content on your blog as well. When someone has a comment or concern, write back to them in as little time as possible.
5. Raising Capital
Unfortunately, many investors won’t put their money into the cannabis industry since it’s a gray area. Many banks won’t fund these businesses either.
Your best option is to reach out to private investors. While some might decline, there are others who are excited about this prospect.
Certain states will make you wait months, even over a year before you can obtain a license. You’ll need to be patient and willing to wait for your license.
7. Business Structure
You’ll need to form your business with a name that’s not copyright or trademark. This needs to happen before applying for a license.
There are different business structures as well such as corporations, LLC, etc. It’s best to speak with a lawyer and accountant for legalities and fees.
8. Don’t Cross State Lines
If you cross state lines, it can get you into legal trouble. This includes transporting cannabis from one location to another. This includes transporting funds that’ll be used toward the cannabis industry.
Before you consider crossing state lines, look into the laws and regulations for each state. This is especially important if you plan on operating in more than one state.
9. Trademarks Are Tricky
The Patent and Trademark Office might refuse your application for cannabis services and products. This is because while it might be legal in your state, it’s not legal in all states. A way to work around this is to submit an application that isn’t specific to cannabis.
Tips on Starting a Business
First, think about what you’re willing to do in order to be successful. Take a look at your motivation level and make sure that a business is right for you. The biggest risk is putting money toward a business and then burn out fast or lose interest.
Be Passionate About It
Make sure that the business that you choose is something that you’re passionate about and that you’ll enjoy. Think about different needs that consumers have that you can fill. Remember that being unique will help you stand out.
Check if There’s a Market
Before you begin, it’s a good idea to make sure that your business will be profitable. Head over to Google Trends and you can type in different keywords to see the interest online for different topics.
Know Operational Requirements
Think about how your business will operate. Is it in a building or online?
If you’ll accept credit cards, will you need to create invoices? Figure out whether it’ll be you or someone else who will promote your business on social media, and on your website. Decide what the requirements are if you’re going to open up a physical shop.
The Different Factors To Consider When Starting a Cannabis Company
There are different factors to consider when starting a cannabis company. Follow this guide to make sure that you’re ready to open up shop for your business.
Would you like to read more informative content and how-tos? We can help! Check out our other articles today for more buzzworthy and up-to-date content.
Has artificial intelligence had any impact on online casinos?
There is no doubt that artificial intelligence has impacted the casino industry. Artificial intelligence refers to teaching computers to have human-like cognitive capabilities like thinking and logic. Tech has had a massive effect on the casino and gambling industry, and if you look further, you will see that AI specifically has had a profound impact on these online casinos.
This article will highlight several ways AI is positively impacting the casino industry.
1. How has AI affected customer service providers?
Customer service is a pillar in any organization, and casinos are no different. People encounter difficulties in their interactions with online casinos, and customer care agents have, in the past, bore the brunt of an increase in a casino’s customer base.
However, now, with AI technology, their load can be lessened. This serves two primary purposes. First, it allows casinos to expand their business without having to hire too many more agents. Secondly, it will enable these agents to delegate part of their caseload on AI-powered chatbots so they can deal with more urgent issues.
In most cases, the most prominent way you see casinos implementing customer service automation is by introducing chatbots.
How do chatbots aid in customer service automation in a casino?
Chatbots automate customer service in a casino by serving four primary purposes.
- They are programmed to answer some customer’s questions. This means that a customer is not forced to wait for a customer agent to answer their questions. This is especially helpful if a casino notices that its agents keep answering the same question repeatedly.
- They allow customers to reach out to the casino with their problems irrespective of the time. This is useful if you consider that casinos serve a broader market today than in the past and often have customers in different timezones. The chatbot can assist the customer or log their complaint to address when the agents are back at work.
- They lead customers to knowledge bases to find answers. This aligns with Zendesk’s finding that 69% of customers would like to solve their problems. When chatbots lead customers to the casino’s knowledge base, customers can easily find solutions to their problems.
- Chatbots can connect the customer to the correct agent equipped with the tools to solve their problem. This can save the customer a lot of time trying to explain their situation to different agents. This directness means that your customer is served as fast as possible and can go back to playing in the casino.
If you are wondering why customer service is essential for any business, remember that over 80% of customers stay loyal to a brand with good customer service. This means an investment in improving a casino’s customer service provision bodes well for them in the long term.
2. Does AI help improve security?
There are several ways that AI has helped casinos improve their security systems. The first is by enabling casinos to spot troubling behavioral patterns among customers and pause the accounts for investigation. For example, a particular client typically withdraws their money on Friday afternoon, but the system notices withdrawal requests inconsistent with their usual pattern. The system can flag the behavior and allow the security personnel to investigate the matter.
Another example would be the AI security system noticing several attempted logins in from one IP address and flagging the issue. AI excels at security flagging because it can analyze large amounts of data without getting tired and with little to no error.
Secondly, thanks to facial recognition, casinos can spot and block out bad players from their casinos. For example, if specific players are known to card count when playing online blackjack, they can be locked out of the casino and their accounts blocked once the system sees them through cameras.
3. AI can spot troubling behavioral patterns in players.
This is different from security in that the troubling patterns are not a danger to the casino but to the players themselves. According to the National Centre for Responsible Gaming, about 1% of the US population is addicted to gambling and exhibits problem gambling behaviors. What’s more, recent estimates suggest that the percentage may be higher among the younger population.
How can AI spot trouble gambling?
Thanks to AI’s capability to analyze large amounts of data, the system can find troubling behavioral patterns among players and flag them for problem gambling. Examples of problem gambling symptoms AI can flag include: when a player is increasingly making higher and riskier bets and spends several hours every day gambling without breaks.
Are casinos obligated to call out players with gambling addiction symptoms?
Unfortunately, no laws dictate that a casino is obligated to take any action if they notice a player has a problem. On the one hand, the house always wins. A player making increasingly bigger and riskier bets translates to more money for the casino, and a casino may not be willing to give up such players.
On the other hand, is it the moral obligation of casinos to help players with gambling problems reduce or stop the behavior? Without any rules and regulations that force casinos to flag problem gamblers, casinos can turn a blind eye without facing any repercussions.
The three benefits listed in this article are just a few of the many reasons why AI has significantly impacted the casino industry. We can only wait to see how much more AI will influence casinos in the future.
A Layman’s Guide to Online Slot Games
Image Credit: Flickr
During the last decade, we’ve seen sustained and pronounced growth of the iGaming market across the globe, with this particularly prevalent across developed markets such as the UK and US.
Certainly, the emergence of slots has proved crucial in garnering the attention of casual and younger players, creating a more diverse marketplace and one that’s less reliant on high-rolling, VIP players.
You can find the best online slot games at online-gambling.com, but in this article, we’ve created a layman’s guide to this vertical and the key features that shape the typical player’s experience online.
How are Slot Games Typically Laid Out
Slots currently dominate the online GGY in US states such as Pennsylvania and NJ, while accounting for approximately two-thirds of the virtual gross gaming yield on the shores of the UK.
But what do we mean when we say “slot games”? These games of chance typically feature a three or five-reel grid, each of which feature a fixed number symbols and visual icons. Each of these have their own distinct value, while they can combine to create a finite number of winning combinations (which are commonly referred to as ‘paylines’).
In terms of gameplay, you’ll start by setting the coin value and bet level of each individual turn, before hitting the ‘spin’ button to get started. This is when the reels will spin and different combinations will be landed, with the goal being to land paylines randomly and bank the associated returns.
You can find a paytable for each online slot on the various casinos where they can be accessed, while toggling the coin value and bet level as required and within the minimum / maximum thresholds written into the game’s rules.
Given the opportunistic nature of slots, most games feature ‘autoplay’ and ‘quick spin’ options, enabling you to increase the pace of gameplay and wager for a finite amount of time at the same, consistent level.
This is only to be recommended when you have a fixed and clearly-defined betting strategy, while it’s an option that may soon be removed completely in the UK.
Choosing a Viable Slot Game for You
As you probably tell at this stage, not all slot games have been created equal, with each boasting different themes and narratives while also providing variable betting ranges, jackpot prizes and levels of variance.
It’s important to factor in these elements when choosing the right slots for you, with the variance level and associated return-to-player (RTP) rate particularly important from a gambler’s perspective.
In simple terms, slots can carry low, medium and high levels of variance, with this determined by the game’s unique RTP rate and the subsequent house edge.
The RTP rate refers to the average amount of cash that a player can expect to recoup for every £1 wagered, with this ranging from less than 90% to as much as 98% for titles within the marketplace. For example, a slot with a 98% RTP rate is classed as a low-variance title, and one that will deliver approximately £0.98 for every £1 spent.
Games with an RTP rate of between 94% and 97% are typically classed as mid-variance slots, while those with an average return of below 94% of high variance titles trigger irregular, but often sizable, payouts.
Low-variance games will typically lower betting thresholds and are ideal for casual or risk-averse players, usually with restricted bankrolls.
Conversely, higher-variance slots have increased betting limits and tend to suit high-rollers, who are willing to spend considerable amounts of money in the pursuit of sizable returns.
Interestingly, the RTP rate (which each operator has to publish for every slot that it hosts online) can also be used to calculate the associated house edge. To achieve this, you simply need to take a slot’s published RTP rate from a value of 100%, creating an accurate house edge that can further inform your choice.
For example, a slot with an RTP rate of 97% is bound by an estimated house edge of 3% (100% – 97%), which is relatively competitive for a game of chance and considerably lower than verticals such as American roulette.
The Last Word
Like all online platforms and service providers, virtual casinos have to provide genuine transparency across the board. This means presenting the RTP data for specific slots, which is highly insightful and helpful when trying to choose from the thousands of titles available across the globe.
This can also help you to create some kind of strategy when selecting and playing slots, which in turn enables you to negate the element of chance and minimise your losses over time.
This, when combined with the themed and immersive nature of slots, contributes heavily to the vertical’s growing popularity in markets such as the US and the UK.
PA Online Casino Revenue Hits Another Record Month – What are the Key Takeaways?
Pennsylvania was the fourth US state to legalise at least some forms of online casino gaming in North America, following in the footsteps of Nevada, New Jersey and Delaware in the process.
Interestingly, a full and comprehensive range of iGaming verticals have been legalised, regulated and monetised for tax purposes in PA, creating a lucrative marketplace that continues to deliver record-breaking numbers.
You can check out the best PA casino sites for more information, but what are the latest industry figures and what should we expect in the future?
A Look at the Numbers – Record-breaking Growth in PA’s Online Casino Market
It was on October 26th, 2017 that PA Governor Tom Wolf announced that Pennsylvania would officially legalise all forms of online gambling within the state.
This bill was formally signed into law on October 30th, creating a vast and diverse marketplace that has proved to be highly generative for the state’s treasury.
The market has also continued to record exponential growth in the three years since, with this trend coming to a head during the second quarter of 2021. More specifically, the online casino GGY in PA peaked at a record $98.6 million in May, up from the previous record of $90.3 million established during the previous month.
Incredibly, May’s figures also highlighted year-on-year growth of nearly 100%, according to data released by the state’s Gaming Control Board (PGCB).
For the sixth successive month, the state’s Hollywood Casino (which is utilised by online market leaders DraftKings Casino and BetMGM PA Casino) managed to remain ahead of their rivals, banking record-breaking revenues of $41 million and increasing its market share to 42% (up from 37%) in April.
Hollywood, which hosts one of the state’s most popular online casinos, has seen its GGY increase steadily over the course of the last 15 months, dating back to February 2020.
Elsewhere, the Rivers-Philadelphia brand, whose license is used by BetRivers PA and Borgata PA Casinos, increased its own revenues for the second consecutive month to $26.9 million.
This was up from $26.6 million in April, with the operator remaining firmly in second place for the sixth month in a row.
In third place was the Valley Forge Casino, which is currently utilised by FanDuel’s burgeoning online casino. This operator has remained in third place for 13 successive months now, recording a total of $16.3 million in revenue during May.
This increased markedly from $14.8 million when compared to the previous four weeks, although the brand’s market share remained surprisingly unchanged at 16.5% overall.
Three of the smaller operators in the Keystone State also saw increased revenues during the reporting period, while in two of these cases, the casinos in question recorded a noticeable increase in their overall market share.
The State of the Market and Potential for Future Growth
With these figures in mind, it may seem as though now is the ideal time to launch an online casino in PA, notwithstanding the various challenges facing commercial startups and the numerous factors that impact your business credit.
The level of positive sentiment has been reinforced by the recent performance of the iGaming market, especially as brick-and-mortar locations in PA continue to reopen their doors as lockdown measures are eased state-wide.
This suggests that a number of players have become accustomed to wagering online over the course of the last 15 months or so, ensuring that the iGaming gains recorded through Q1 and Q2 last year have largely been sustained even as the landscape has slowly returned to normal.
This hints at an increasingly bright and high-growth future for PA, both from the perspective of state tax revenues and the popularisation of the online casino model nationwide.
In terms of the former, the state banked an estimated $9,988,734 in tax revenues in May 2021 alone, with this up slightly on the $9,466,734 recorded during the previous month.
Such returns were driven largely by online slot gaming, which is the single most popular vertical amongst players and currently taxed at the hefty rate of 54% by the local authority.
This certainly provides a template for others to follow, by showing that states can successfully legalise and regulate iGaming while also boosting the amount that can be reinvested into the local economy.
Just how many states follow up on this template has yet to be seen, but states like PA are undoubtedly blazing a trail for others to follow in North America.
What Does Payout Percentage Mean for the Casino Customers?
Image source: Pixabay
Online casinos have become an online trend in the past decade that doesn’t seem to lose their popularity among players across the globe. In fact, as time goes by, more and more players are joining different gambling platforms as they have turned out to be very convenient for gambling fans.
However, even though the number of online players continues to grow, there aren’t that many new players who truly understand how online casinos work. Some fail to understand the importance of reading Terms and Conditions before applying for a welcome bonus offer and others get confused when they meet with “playthrough requirements” for the first time. Also, there are many players who don’t really understand what payout percentage is so they get unrealistic expectations from the slot they are playing which leads to disappointment. So, let’s try to explain what payout percentage really is and why it’s important for every player to understand it.
What Is A Payout Percentage?
Many players make the mistake to think that payout percentage refers to the number of spins played by one player. However, this isn’t the case. The payout percentage refers to the overall amount that the slot receives from all players during a certain period of time and then what gets to be paid to a few lucky winners. This percentage will always vary from one operator to the next. And while some online casinos can promote slots with a payout percentage of 74% there are those gambling platforms that will feature slots with a payout percentage of 97% or more.
It is considered by many players that the highest payout UK online casinos are among the best ones in the market and many of these players start playing a slot thinking that they would get a 98% of their initial deposit back. But this is not how things work. And this doesn’t mean that the online casino that promotes this payout percentage is fraudulent. For example, if an online slot machine makes a revenue of $100,000 dollars each month, and the payout percentage is 98%, it means that the online casino gets 2% of that sum, and the rest goes to lucky winners (or one lucky winner if it’s a progressive jackpot).
Image source: Pixabay
What Is The Guarantee That The Advertised Payout Percentage Isn’t False
Nowadays there are more online operators that are launching new gambling platforms than ever before. For this reason, it is crucial for players to be aware of the importance of licensed operators. Only operators with a license will advertise real payout percentages and offer first-class online slots.
There are various organizations that keep track that all advertised payout percentages that are legitimate. They test and verify these claims so that the players can rest assured that the advertised content is real. One such organization is eCOGRA that runs a series of tests on a slot before it is even launched. Usually, operators that test their slots with this organization have a statement somewhere on their homepage that points out this fact.
Other similar organizations are GLI Gaming Labs, UKGC (UK Gambling Commission), and Malta Gaming Authority. So, if you see that an online casino is licensed by any of these authorities, you can relax and enjoy their games.
The payout percentage is also known in the gambling world as RTP (return to player). And even though this percentage doesn’t have much to do with the individual play of casino visitors, it is always better to opt for an online casino and games with the highest RTP or lowest house edge that will increase your chances of winning a major prize. Additionally, if you combine a high RTP with additional perks like welcome bonuses, free spins, or free play, your chances of winning will get significantly bigger.
Furthermore, it’s always recommended to choose online slots with a progressive jackpot and high payout percentage rate, since the prize, in that case, could be life-changing.
Even though payout percentages are used by online casinos as a form of promotion, it is important for every new player to know what they are and how to use them to their advantage. So, the next time you see an online operator that offers a slot game with a 97% payout rate, don’t think that it’s a safe way to play a slot machine, but rather an opportunity that needs to be seized to win the ultimate prize.
A Brief Guide About CBD Dog Treats Benefits, Safety, And More!
CBD, I bet you have heard of it already, right? Well, because of its ongoing trend, the product has unsurprisingly put itself in the spotlight. It would be hard not to know about it when many people keep spreading the word. And not like I don’t agree with them! After all, CBD is a natural remedy to many diseases and has fewer side effects!
People across the United States already started using and loving these products. Thanks to the 2018 Farm Bill (read more), manufacturing products that incorporate this compound is legal in most states. These products come in many shapes and forms with different ways to consume them.
Since this new development in the hemp industry sounded promising, a curious question came to producers’ minds: What if we made one for our pets? That question led to the idea of making CBD dog treats. Of course, it needs extensive research before creating the product. Even with extensive research, people are still skeptical about the use of such a controversial compound. So in this article, we will talk about CBD dog treats, how it works, and why it is safe for dogs!
What You Need To Know About CBD: Simplified!
Let us start with a short lesson about this substance infused with dog treats. Cannabidiol (CBD) is a cannabinoid compound found in 1940 along with the others. It exists predominantly in a cannabis plant called hemp. Hemp is one branch of the cannabis family that naturally has fewer side effects. Marijuana is also one branch of the cannabis family, and it is famous for its predominant compound called Tetrahydrocannabinol (THC).
Cannabidiol Vs. Tetrahydrocannabinol
THC is famous for its effect of making a person feel euphoric or high. THC is also addictive because of the euphoric outcome, so many people go crazy for them. Whereas, CBD does not have these effects on users. But even in the absence of this euphoric feeling, it works just as well as THC.
To summarize, CBD is a lot safer to use than THC because of their non-addictive, non-psychoactive effects. Needless to say, CBD is a better compound, but there have been studies of cannabidiol reducing the undesirable outcomes of tetrahydrocannabinol. There are also studies about a phenomenon called the entourage effect in which the two compounds amplify each other’s effects that result in better benefits for the body.
Also checkout CBD Gummies-benefits And Risks
How The CBD Works In A Dog’s Body
Surprisingly, how the compound works in a dog’s body is similar to our human anatomy. It starts from the compound being absorbed into the bloodstream. The substance travels towards the nervous system to look for the endocannabinoid receptors. These receptors then bind with the substance and deliver a message to the brain. As a result, the brain sends signals to other organs to attain equilibrium or balance in the body.
Now that you know how the substance work, here is the list of effects it gives to your furry friends:
- Anti-inflammatory effects
- Stimulates appetite
- Pain reliever
- Possible anti-cancer effect
- Cardiac care
- Improves mood
- Stress Reliever
CBD Dog Treats
In a nutshell, CBD dog treats are regular food treats infused with Cannabidiol. But there is a lot more to it than you think. Supplements like Pethempcompany dog treats can have specific benefits aimed towards a particular ailment of your pooch! An example of these benefits is anti-anxiety that targets dog anxiety. Try browsing through online stores, and you would find the perfect treats for your dog.
Advantages Of CBD Dog Treats
- It Doubles As A Healthy Snack
Dog treats are both a supplement, and a food rolled into one. CBD dog treats are generally made from organic ingredients that also have other benefits besides the list above. Not only is it a healthy snack, but it also has flavors that dogs love, and it makes feeding much easier!
- Dosing Made Easy
Giving a dose of the treats is easy. It is all thanks to the pre-measured amount of each dog treat that you can accurately measure the dosage for your dog. The dosage of products may vary, so you need to read the labels first. To ensure safe dosing for your furry friend, visit an expert veterinarian.
Why CBD Dog Treats Are Safe For Your Dogs
- Fewer Side Effects
Yes, CBDs indeed have few side effects on your dogs. So few that I can count it with the fingers from one of my hands! Not to mention, the side effects are based on the dose you give to your dog. That means the more you give, the more likely the side effects occur! It is better to give less than more, in this case, so always watch your dosage.
Here is the list of side effects:
- Drowsiness: caused by the calming effects of the compound, this one is likely to occur in high doses.
- Low Blood Pressure: There is a slight change in blood pressure when given high doses, but lightheadedness can still occur.
- Dry Mouth: Let your dog drink water to help with the dry mouth. CBD is known to reduce the production of saliva in the salivary glands.
- All Natural Ingredients
Dangerous chemicals coming from inorganic foods are harmful to our human bodies. That is also true of our furry friends, and we do not want them to eat such dangerous chemicals. These chemicals are free radicals (link: https://www.livescience.com/54901-free-radicals.html) that can destroy organs the more your pet ingested them. It can also cause cancer by damaging cells.
CBD dog treats are from organic ingredients that do not contain chemicals. Manufacturers avoid the use of preservatives in the product. Not only it avoids harmful chemicals, but it also helps lengthen the lifespan of dogs!
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