The cannabis industry is quickly becoming one of the fastest growing industries in the United States, and it’s expanding in more ways than one. The opinions of the American public are evolving when it comes to cannabis use, both for recreational and medicinal purposes. Job growth and tax revenue have also influenced some people to change their minds about the benefits of marijuana. As a result, more business owners and investors are hiring cannabis consultants to find out how they can tap into the market for cannabis.
Why are so many entrepreneurs looking to the cannabis industry and cannabis consultants for new opportunities? Here’s how the industry is changing and expanding throughout the country.
1. Attitudes about cannabis use are changing. Cannabis has long been used for both recreational and medicinal purposes, but it’s only in recent years that more Americans have supported this use. Nearly half (47%) of Americans have tried cannabis at some point, and more than half (52%) think that it should be legalized. Health plays a role in these changing attitudes, too: The vast majority of Americans surveyed (69%) believes that alcohol is far more dangerous to a person’s health than marijuana is. These attitudes signal a change in that more people are seeing cannabis as less dangerous and sometimes even beneficial when used medicinally.
2. Cannabis businesses create jobs. Cannabis businesses and dispensaries are creating a number of jobs around the country both directly and indirectly. In 2014, the industry created between 7,500 and 10,000 jobs in Colorado alone. This isn’t just at the retail level but in businesses related to cultivation, wholesale, and cannabis consulting, too. If Colorado can add that many jobs, just imagine how many the entire country could see with marijuana’s legalization in other states.
3. Legalization efforts have increased. Right now, only Alaska, Colorado, Oregon, and Washington have fully legalized cannabis. Twenty-three states and the District of Columbia have approved legal medical marijuana, and many more states are predicted to be added to that list. Part of this expansion is because of the changing attitudes and job creation, but states are also interested in legalization efforts due to the tax revenue that cannabis can bring. If all 50 states legalized cannabis, they would make a combined $3 billion per year just in taxes. This isn’t just at the recreational or medical marijuana cultivating stage but at the wholesale and retail levels, as well.
That’s where cannabis business development consultants come in. They can explain the various legal issues surrounding marijuana to entrepreneurs and help them procure business licenses, find information on cultivating techniques, and develop a medical marijuana business branding and marketing strategy. Want to know more about how cannabis consultants can help your business? Ask us in the comments.