In the United States, a good number of states have continued to push for the legislative agenda of legalizing marijuana, both for recreational and medicinal purposes. This development will open a potential market for the industry; and investment opportunities both on the business and stocks side. On top of this, business is thriving on the 29 states who already had cannabis legalized. In all these places, huge profits have been reported, and the industry continues to grow.
Cannabis venture in numbers
While many of the 29 states only allowed cannabis for medical benefits, but with the recent development, the direction is changing as well. Here are other significant numbers that can be considered if you plan to invest in marijuana startup :
- In every five Americans, one resides in a state where they can recreationally use cannabis.
- In 2016, marijuana raked in a total of @$6.7 billion when it comes to sales.
- With the rate of 25% annual growth, you can expect that the cannabis industry will be a @$20.2 billion industry by the year 2021.
- The other two industries that have a similar level of growth was the cable television at 19% in the 90s’, and broadband internet in the early 2000s at 29%.
The cannabis industry as an income opportunity
With the right numbers alone, you may never find another billion-dollar industry on this scale; thus, this is the best time to invest in the marijuana business and start-ups. Whether you’re an entrepreneur or an investor planning to venture into the cannabis business, here are some things you may want to consider first.
- Be aware of the legal side. Before you start drafting a business plan, it’s vital that you thoroughly know the rules and regulations of running or investing in a cannabis business. Laws about cannabis vary depending on the state, so make sure that you comply with them to avoid fines and other sanctions.
Also, the rules and regulations are not straightforward and may be complicated for many people. Thus, we recommend hiring a lawyer for this purpose to ensure that you are following the proper guide. Since you will be new in the industry, it will also help if you know the grey areas as well as the best-unwritten traditions on the cannabis business.
- Know your market and customer base. There are two essential things to understand with the cannabis business; knowing the unique demands of the industry, and being fully aware of the market demand and customer base. You’ll be dealing with an industry like no other, and thoroughly understanding your customer demands is mandatory.
Websites like the WeekendGardener.net has extensive information about cannabis-based products that customers may want. Be aware that there is a specific group of customers who know what they particularly want.
- Go with a unique concept. Another consideration that you must check out when investing or starting up a marijuana industry, and that is the business’ viability and uniqueness. Chances are, existing stores already have the same idea that you might be thinking of, so the key here is research. There are also other instances where the concept is excellent but is legally conflicting.
Now is the best opportunity to invest and venture on a marijuana industry. The circumstances are better now. This is primarily because of the health benefits of cannabis, as well as support from the legislators. This is the best time to partner with marijuana startups or be a cannabis entrepreneur, and the potential of growth is limitless.