Business is Bloomin in the Cannabis Industry
By Stephan Dweck
The cannabis business is Bloomin right now and the potential for high profits in this sector is growing exponentially. One half of the United States has legalized cannabis whether for medicinal or recreational purposes. In 2017, cannabis sales in North America increased by 40% and sales are estimated to be almost $20 billion by 2021. These numbers are staggering considering the industry is still fairly green.
There are many gaps to fill by those who are thinking outside of the box with innovative business ideas that have the potential to be a life-changing opportunity. The path to success is not an easy road and especially not easy to navigate. There are confusing laws, steep taxes, regulations, and unforeseeable roadblocks to contend with. Top experts in the cannabis business industry have been there and have helped us with some information that we want to share with our valued readers.
Best Advice From Experts
When starting a cannabis business come up with a unique idea that provides an unmet need. This is vital to becoming a success in any untapped sector and in this untapped sector is where you need to find that one thing that separates you from anyone else. If you can do this, not only will you be a success, your business will thrive and rival over the competition. Right now, starting a marijuana dispensary is a unique idea, however, this is actually the highest risk business sector to be in due to very tight profit margins.
As more States legalize marijuana the cost of cannabis will decline, leaving dispensaries and grow-ops with even fewer profits. These businesses get walloped with a wide range of strict regulations and banks refuse to work with a business that distributes or grows cannabis for the fact it’s still illegal under federal law. Right now, being a Cannabis Banker is a prime business to start in this sector as there’s a high demand for this type of specialty lender.
Ancillary Cannabis Business
The kind of business that cannabis experts are saying to start doesn’t have anything to do with the plant. The Controlled Substances Act mandates the majority of regulations for cannabis industries are only applicable to marijuana processors, growers, and sellers.
Ancillary cannabis businesses are doing quite well because they’re not burdened with high taxes and wrapped in red tape. Cultivation and hydroponics products are expanding into professional training, media companies, consultancies, and the plethora of advanced technologies. The list is endless and quite frankly, so are the cannabis business opportunities.
For more information on how to start an Ancillary Cannabis Business, click the link below and get Bloomin.