With the upcoming U.S. Presidential election nearing, one of the biggest issues that politicians have to navigate is public opinion on cannabis. Today there are four states that have fully legalized cannabis, 14 that have decriminalized certain amounts of it, and 23 plus the District of Columbia that allow for legal medicinal marijuana. Even thought the federal government hasn’t yet legalized cannabis, many people expect that they will soon.
What should you know about this burgeoning industry and the many business opportunities that it brings? Here are five facts that you may not have known about marijuana businesses:
1. Public attitudes and policies are changing rapidly when it comes to cannabis.
More and more people are beginning to realize that there may be something to the argument for legal medical marijuana. Around 92% of patients say that medical marijuana works for them to treat issues ranging from depression and PTSD to glaucoma, arthritis, multiple sclerosis, and even cancer. Even people who don’t depend on medical marijuana approve of legalization efforts. Almost half (47%) of Americans say that they have tried marijuana at some point, and more than half (52%) say it should be legal. It’s also generally considered more dangerous than using alcohol, according to 69% of Americans, given that alcohol leads to millions of fatal car accidents and drinking-related deaths worldwide.
2. The licensing process for starting a medical marijuana business or recreational cannabis company takes longer than you might thing.
Although legalization is taking place state by state, it doesn’t mean that anyone can set up shop. The process to get a marijuana business license can take up to a year or more in many states due to the complex business proposal and application system. Entrepreneurs who want to begin selling, distributing, or cultivating cannabis often have to rely on outside sources for help.
3. Cannabis consultants are the new big thing in business consulting.
In order to win a business license and develop a comprehensive marketing strategy, many entrepreneurs will turn to cannabis consultants for help. Like other business consulting professionals, cannabis consultants help with everything from securing a business license and choosing a location to developing a marketing strategy and even learning the ins and outs of running a business. These consultants work with both recreational and medicinal cannabis businesses in just about any state where they’re legal.
4. The cannabis industry even has its own conventions and expos.
That’s right — just as many businesses and industries today hold events to showcase innovation, the same is true for the cannabis industry. These expos allow for networking, and many professionals will also give talks to explain industry trends.
5. Business is booming for the cannabis industry.
As you may have guessed from reading the above facts, the industry is rapidly evolving, with more and more business opportunities opening up each day. In Colorado alone, around 10,000 jobs were created that were either in the industry or directly related to it, and there are countless other opportunities that the cannabis industry can lead to. They also generate major profits and taxes in their respective states!
What surprises you most about the cannabis industry? Tell us in the comments.