In five years, the national legal medical marijuana market is projected to be worth over 10 billion. That money gets shared with the states collecting taxes, the growers generating the product, the dispensaries selling the product… and you. Yes, you. Why not?
The truth is that medical marijuana operations are among the most exciting investment opportunities of our times. With 10,000 new jobs created in Colorado alone since legalization, millions of people receiving substantial health benefits, and overwhelming evidence that medical legalization does not lead to higher incidence of teen usage, everybody is winning from cannabis business development. Sadly, marijuana will probably not be made fully legal nation-wide for at least another decade or two.
However, starting a medical marijuana business has never been a more viable or profitable option in American history. With the right medical marijuana cultivation business plan, facilities, product and workers, and a sizable up-front investment followed by quick and plentiful returns… not to mention obtaining a business license for selling marijuana… well, it may not happen overnight, but you get the idea. By taking the right steps, you can be on your way to starting a medical marijuana business and partaking in the wealth.
Get a marijuana business license so that no matter what happens later, it’s all legitimate.
Research which of the twenty-three states (plus D.C.) that currently allow medical marijuana is best for your business. Things to know include state taxes on the facility and on the sale of the product, and what cannabis business resources are available.
Getting a good medical marijuana cultivation business plan together is crucial for your success. Who will be your primary clients? How much will you charge? How many plants will you grow? Will you source product from other dispensaries? Sell to dispensaries or directly to clients? Figuring out your medical marijuana cultivation business plan in advance will save you headaches later down the line.
Medical marijuana business branding is an important part of the process. No one wants to buy from a business with no logo, no company e-mail and no client-oriented experience. Find the best way to express what you do to your potential buyers.
By following these tips, you will be well on your way to starting a successful medical cannabis business, and capitalizing on some part of medical marijuana’s amazing investment potential.