5. Reasons Why You Need To Start a Marijuana Business
Raise your Marijuana business of the ground!
- The cannabis market will soon sky rocket off the charts since cannabis is not looked as a type 1 drug. Specifically in the big 5 states (California, Nevada, Arizona, Massachusetts, and Maine) that are approved to sell recreational marijuana to any adult over the age of 21. Other states such as Florida, Montana, North Dakota and Arkansas, got approved for the use and sale of medical marijuana. This is bound to occur since most states already have the rule implemented in their states.
- The cannabis business is going to grow after the regulations are set in to place. The legal cannabis market was worth an estimated $7.2 billion in 2016 and is projected to grow at a compound annual rate of 17%. Medical marijuana sales are projected to grow from $4.7 billion in 2016 to $13.3 billion in 2020. Adult recreational sales are estimated to jump from $2.6 billion in 2016 to $11.2 billion by 2020.
- Complete all legal paperwork that is going to be needed specific to the services . This by far is the most important component when it comes to opening a marijuana business. Without the proper paperwork it can cause serious damage to the business. You can possibly get charged a city fine or close down the business if the paperwork is not done correctly.
- There are multiple opportunities to grow in the marijuana business. Whether you want to run a medical dispensary, manufacture cannabis products, deliver product, or grow the product it is ultimately up to you. Which business plan you wish to take.
- Market your business. A good slogan to remind your customers your business exists. Learn the right marketing techniques to get your cannabis business started. 420 Biz Connect can help you with any website advertising.