For several years, marijuana has been legal in the state of Colorado and as a result, the state has enjoyed major tax revenue from it. Now that the cannabis industry is regulated, the black market has taken a back seat. Cannabis businesses are now legitimate in certain states. There are also cannabis jobs created from the legalization process. In addition, more states have come onboard since and made it even more possible for other entrepreneurs to join the industry.
The Present and Future
There are various types of cannabis businesses to consider and some of these include security, edibles, real estate, accountant, sales, cannabis strains, topicals, tinctures and others. As the cannabis industry continues to grow in leaps and bounds, investors and entrepreneurs are trying to secure their place. According to the Arc View Market Research Company, 2016 sales for legalized marijuana have reached $6.9 billion, a 34 percent increase. For the next five years, the research company has predicted a continued increase of 26 percent yearly, bringing it to $21 billion by the year 2021.
After The Election
Following the Presidential election in 2016, more states were approved for marijuana legalization and for that reason, it opened up more opportunities for new cannabis businesses to be created. Some of these states included North Dakota, Florida, Montana and Arkansas. Recreational marijuana was legalized in Massachusetts, California, D.C., Nevada and Maine.
This new development have given investors and entrepreneurs more opportunities to get involved in the cannabis industry. However, since this is no gold rush, there has to be some caution in exploring the available opportunities. Cannabis businesses are a serious undertaking. It requires expertise, knowledge and in some cases, experience. This is the case whether you are going to be an expert on greenhouse cultivation, security monitoring, branding guru or logistics wizard. If you have experience growing marijuana at home and not in a cannabis greenhouse, you should possible stay a hobbyist. Now, let's look at where most of the money comes from in cannabis businesses.
Marijuana Dispensary and Cannabis Grow Operation
Most entrepreneurs think about opening up a marijuana dispensary or a cannabis grow operation. But, this segment of the industry comes with tight profit margins As legal marijuana grows, this is one of the cannabis businesses that experiences a reduction in price pressure. Wholesale cannabis prices, a few years ago were approximately $4000 per pound. These days, it has reduced to $1,500 per pound in the state of Colorado. This is a major economical change. The people entering this kind of business in the past assumed that black market pricing would be maintained.It would be better to own a grow operation or dispensary in a state with more restricted numbers of marijuana licenses instead of in states like Colorado or California where there are fewer entry barriers. In that way, you will see better results of success.
One of the cannabis businesses to consider is selling edibles. Instead of expensive marijuana buds, you can use trims to make your edibles, which is cheaper. You will extract the oil from the trims and use it in your edibles. You can also use the oil in vaporizers. The market for cannabis edibles is quite the same as natural or organic foods. It has its own consumer segment. A company like Cheeba Chews, for example, has carved a segment of the cannabis edibles market successfully. It will get better for others as this particular segment of the market becomes more mature.
Security is another cannabis business that has significant and important value to the marijuana industry. Some companies use security guards and some armored cars. However, this is a viable business to get into since no cannabis business can go without it.
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