As the cannabis industry grows in opportunities for business, more and more entrepreneurs are finding ways to find their way to be a part of it. As of 2017, a total of 29 states and the District of Columbia have legalized cannabis in some form.
Currently, with many more states taking part in legalizing cannabis, it has become one of the fasting growing and lucrative businesses of the year. Legal marijuana sales in the U.S. have risen to $4.7 billion in 2016, with projections to grow into a $13.3 billion industry by 2020. The opening of this new industry because of its new status has gotten many entrepreneurs eager to start businesses to serve it. Supplementary companies that aid the cannabis cultivation and sales sectors will be essential to creating a stable and sustainable outlook for the industry.
Today, we are taking a look at how we can capitalize on this new opportunity, and with the right coaching, how you can be a part of the marijuana industry.
Currently, federal law prohibits banks and credit unions from any financial transactions and relationships with the cannabis industry. Particularly for recreational states where marijuana is legalized, there are a lot of opportunities. In particular, there is a legislative opportunity to change banking regulations.
There is also an opportunity to build around the current banking systems, which might alleviate the complications around the cannabis industry’s current cash-based status.
Growing the cannabis industry’s business potential will require unification in its banking regulations. Business coaching strategies are going to become vital in looking for state solutions for economic growth, as well as allowing for best practices to be commonplace for cannabis businesses.
Investments in the cannabis industry are currently in their infant stages. As the industry is facing taut regulations and financial hurdles even where it’s operating legally, harvesters are still facing a deficit in investors and funding.
The opportunities are there, as the floodgates are open for consumers since the ease of current legislation on the use of marijuana. There are enormous opportunities for investors to get involved in new businesses. As new entrepreneurs are jumping into the industry, so are seasoned entrepreneurs from other industries.
Cannabis consumption and usage have long been viewed as a vice in society, its industry is one that has been vilified for decades. However, with recent medical findings and testimonials of benefits, usage is suddenly mobilized to become legal in more than half of the U.S.
It is a phenomenon sweeping the nation, and both experienced and skilled marketers with interest in cracking this new industry will encounter negative stereotypes before cannabis consumption becomes mainstream. It is a challenging typecast to break, but it is going to bring in a broad swath of new consumers to target over the next few years.
If you can source unique strategies and calculated marketing schemes that exclusively service the cannabis industry, you will unlock untapped opportunities to explore significant financial gains. Coaching on how to mobilize consumer perception to the positive side will be a critical ingredient to add to the mix. From a branding and marketing standpoint, consulting firms that help commercial cannabis startups with everything from compliance, design, and beyond can prove to be very profitable in the long run.
As more states change their laws to legalize cannabis, there will be a growth in opportunities for businesses to target the political arena. While the federal government is not likely to follow the states for a while, there will be more room for startups and business ventures to dive right in with well-honed expertise.
This will form the groundwork for marketing efforts, new non-profits, not-for-profits, and interest groups to develop and grow. Given that legalization for medicinal use is now commonplace and available to many states in the country, legislation and federal officials are expected to eventually relent and allow for cannabis to be regulated like alcohol.
With the imminent changes in legislation for cannabis, a strict legal framework will be established, opening up opportunities in the areas of production, sales, distribution, and possession. The political aspect of the marijuana industry will need strong and strategic planning.
As more and more states are accepting cannabis for medical purposes, there are new opportunities for both research and for medical consumption. In its current state, the cannabis industry is in dire need of more research in a clinical environment. Businesses with an interest in, or already established in, the medical industry can find cannabis a profitable opportunity to pursue. Still, many are not ready to commit because of the hazy status of its full legalization in both the medicinal and recreational realm.
New players are capped out in the production of their stock because of the general apprehension of most research facilities. The need for laboratory equipment specifically for marijuana extraction processing, for example, is on the increase.
Next month, we will explore the CBD oil market. CBD, discovered in the late 1980s, is one of the oils identified in the cannabis plant, and is second to THC in abundance. CBD oil is derived from hemp oil, and is low-THC or zero-THC. CBD oil reacts with the body’s endocannabinoid system, and produces anti-anxiety and anti-inflammation effects.
Here at Marcus Coaching, we are proud to be working with zero-THC hemp growers. In next month’s article, we will discuss the opportunities and growth in the zero- and low-THC market.
To become successful and benefit from business opportunities in the cannabis industry, a complex and diverse skill set will need to be cultivated. Individuals with backgrounds in research, cultivation, legal, and security can offer something other businesses cannot are particularly apt for the cannabis industry. There is plenty of time for ambitious startups in every sector to get in on the game.
This is an exciting opportunity for new and established entrepreneurs in the U.S., both domestically and globally. It is not too late to be enter to the industry as it is still young, with available opportunities and new ones created every day.
If you are interested in starting a new business, contact Peter Marcus today!