The global cannabis industry is expanding at breakneck speed. As adult-use and medicinal marijuana become legal in more states, there are more possibilities in the marijuana business than ever before. With marijuana cultivation, manufacturing, and sales already earning $6.7 billion in income in the United States in 2016, cannabis is expected to reach a $50 billion business by 2026.
To get in on the ground floor of this burgeoning industry, you must understand how to navigate the complex regulations surrounding cannabis marketing and advertising — whether you are an entrepreneur looking to break into the space or an established company looking to expand into legal marijuana territory. Here is what you need to know about the cannabis industry.
- Legalizing Marijuana: The Big Picture
According to the latest data, Americans spent $50 billion on recreational cannabis last year. Even if cannabis use remains unchanged, there is still potential for the legal industry to expand. The legalization of marijuana for medical and recreational use, in particular, is a hot topic in many circles. In recent years, more than 23 states have legalized the use of medicinal marijuana.
As additional states consider relaxing restrictions on the sale and use of marijuana, we must examine the impact this substance has on the states where it is lawfully available. Hundreds of billions of dollars are now spent on alcohol, cigarettes, opioids, and pain and stress-relieving medicines. In theory, legal cannabis might take a sizable portion of that market.
- What Is The Deal With Cannabis Stocks?
As states and nations decriminalize or legalize cannabis and its components, entrepreneurs and current businesses expand possibilities. The marijuana industry’s worth is anticipated to quadruple by 2025, and many investors are looking to capitalize. Canopy Growth (CGC), Tilray (TLRY), and Cronos Group (CRON) all announced a profit recently.
- Should I Be Getting Into The Cannabis Industry? Is It Too Late?
Things move at a breakneck rate in a new industry. As a result, there is frequently no correct response in the sector. The advantage of this is that the boundaries have yet to be explored, giving you the chance to investigate unresolved questions/issues and forge your own path.
Not everyone will succeed, but starting today increases your chances of developing and succeeding. Furthermore, it increases your chances of a successful exit plan in the future, such as selling or acquiring your marijuana firm.
To set things straight about the cannabis industry, it is not too late to invest in cannabis. The legal cannabis business is currently worth more than $10 billion and is expected to expand further.
5 Tips to Get Into the Cannabis Industry
If you have been thinking about getting into the cannabis industry, now is a great moment to do it. One advantage of the industry is that marijuana provides an extensive range of products and services. Here are five tips to get into the Cannabis Industry.
- Understand the scope of your state’s cannabis business.
As the cannabis business expands, more states legalize or decriminalize marijuana for medical or recreational use. These new rules might seem perplexing, but you must understand them if you want to work in the cannabis sector. If you want to establish a cannabis company, you first need to research how it is governed in your state. Cannabis industries are legal in certain states but not in others. Recreational cannabis, for example, is legal in Colorado but banned in New York. The same is true with medical marijuana.
One of the most critical elements in determining whether a company may legally represent itself as a cannabis producer or merchant is its physical location or the state where your business will commence. Your approach determines the states in which you will market. Perhaps you will prefer to concentrate your efforts in heavily populated states like California. Alternatively, you might produce and sell in places such as Washington, which has experienced significant marijuana drive-up success (or failure).
There are several legal choices for producing, developing, and selling cannabis in the United States these days. Legal marijuana cultivation takes place in various settings, ranging from a vast indoor facility to an outdoor tent in the woods. Even yet, the laws governing these businesses can be perplexing to those who are unfamiliar with them. Each state has its own set of rules and must follow new legislation as they become effective, so seeking advice from a lawyer or registered dietitian early on is always a good idea.
- Learn the ins and outs of the cannabis industry
Nobody starts as a guru, and everyone starts as a beginner. However, it is essential to understand everything about marijuana, like recreational and medicinal marijuana, which states they are allowed and the fundamental distinctions between the two. For example, medical marijuana marketing is very different from recreational marijuana marketing because you are targeting people who are very sick and whose health is literally in your hands. It is essential to understand that medical marijuana is something that doctors prescribe to patients in order for them to utilize it for a variety of illnesses, such as epilepsy or post-traumatic syndrome. In the case of recreational cannabis, consumers must make their own decisions and purchases of cannabis goods. In addition, there are states that medical marijuana is allowed, but recreational marijuana is not.
- Apply for your license in the correct way to avoid legal problems
There are various laws for cannabis business licensing in each state that has legalized the selling of marijuana. Correctly applying for your cannabis business license is essential because doing it wrong may result in legal consequences; find reputable cannabis license experts to ensure you are registered and protected. If you submit the application incorrectly, you will have to pay all the fees over again when re-submitting, and you lose your place in the line!
Marijuana company licensing or cannabis business licensing is promoted as vital for public safety by ensuring people participating in the new sector satisfy high safety and quality requirements. Moreover, this is also a way to encourage customers to buy your products since it is a registered business. Cannabis business licensing enables governments and municipalities to monitor the purity and quality of the items on the market. Requiring licenses makes it simpler for the state to control the marijuana sector and limit the marijuana supply. More than that, selling marijuana goods without a cannabis license may get you in hot water. The amount of difficulty you may face and who will come after you if you are found in violation varies by state. In a nutshell, availing of a cannabis business licensing service is starting your cannabis industry.
- Make connections with other marijuana experts.
Networking is essential for breaking into any field. Investigate the firms you want to work for or compete with, and begin to think about how you might interact with individuals affiliated with them. Also, by doing this, you will know important information that will help you along the way. Attend industry events and think about purchasing a booth to display your items at contests and conferences. Seek mentors in positions similar to where you want to be, and ask your network for references when looking for investments or a new job.
- Use social media and other advertising platforms wisely when marketing your cannabis business.
The internet has made marketing your cannabis company simpler than ever before, but it has also made it easier to get into problems with the law. Check to see whether you are using social media sites wisely. Never, for example, advertise the sale of cannabis on social media. This might jeopardize your company’s future. Also, avoid blurbs on how the product you are selling benefits local Black communities. Social media is an excellent method to create your own brand and network, but in order to reach a large audience, you must focus on numerous platforms. Having a Facebook page, a Twitter account, a LinkedIn profile, a Pinterest account, a Google+ page, and a YouTube channel is an excellent idea.
Breaking into the cannabis and marijuana market might mean a variety of things. Still, there is no denying that the industry’s fast development has offered opportunities for clever entrepreneurs and cannabis specialists. There has never been a better or more profitable moment to establish or join an existing firm in the sector. With so many potentials in the cannabis sector, it is no surprise that so many individuals want to invest in marijuana stocks and start their own businesses. If you want to get into this thriving company, check out this guide to get started! Whatever route you take, one thing is sure: the cannabis market is rich with potential.