The cannabis industry brought in $10 billion in 2018, and the market is expected to grow. The growth is due to the acceptance of hemp in the Farm Bill, the relaxing of laws around the country, and the acceptance of the potential benefits of cannabis by the medical community. Americans have accepted the culture of cannabis and it has opened an endless amount of opportunities for ambitious entrepreneurs.
More Than Dispensaries
The possibilities involve much more than retail sales or farming. Both types of businesses have the potential for profit, but they do not always meet the preferences or make the most of the talents of each person. The cannabis industry has a need for accountants, marketing professionals, and wellness consultants. Laboratory professionals, like chemists, help to create the oils and other products sold on dispensary shelves, and politically active individuals work with advocacy groups to help expand the marketplace.
Understand the Risks
Risks exist in the cannabis industry as lawmakers debate what should be done state-to-state as well as with federal laws. No one can know exactly what the industry will look like in a decade, so there are risks to investing in these businesses. However, very few people working with cannabis have regrets because of the current positive climate they work under today.
Look for Resources
Even simple business tasks become more of a challenge with the cannabis industry. Some businesses struggle to process credit cards or open bank accounts. People have questions about how to file taxes on profits in an industry where a lot of the goods are still federally illegal. The legal questions can make it difficult to even prepare invoices or perform marketing. Thankfully, there are companies that now assist with anyone that needs help as they navigate the hemp products.
The industry surrounding the marijuana industry continues to change as the product has become more accepted in society. Anyone with questions about the hemp products, needs to find advice
