Starting a Medical Marijuana Business What You Need To Know

Starting a medical marijuana business

Medical marijuana is fast becoming a growth business. As more states opt to legalize the use of cannabis for medical and other uses, the potential for marijuana entrepreneurs to leverage this emerging business proposition is growing. Medical marijuana is legal in the District of Columbia and 23 other U.S stated, according to the National Conference of State Legislatures (NCSL); it has gained widespread acceptance in the medical community as well with over three quarters of those surveyed indicating support for its use.

The industry is growing rapidly and nationally will be worth an estimated $10.2 billion in the next five years. Between 7,500 and 10,000 jobs were created by the cannabis growing industry in Colorado alone in 2014. It is also bringing in high tax revenues for the states where it is legal, with Washington estimating the collection of over $3 million in taxes on sales of $12 million. The Colorado state Department of Revenue announced that they had collected about $18.9 million in state taxes (with a percentage to go to local governments) from marijuana sales in a six month period. Total tax takings on cannabis sales could reach $3 billion if all states legalized its use.

More than half of U.S citizens believe it should be legal and almost half have tried it at some time in their lives. The demand for commercial cannabis facilities is likely to grow as use increases and with support from the medical profession and increasing interest from prospective users, the business potential is significant.

Starting a business in this field is about more than just having a green thumb and a head for business. It is a complex legal environment that requires expertise and knowledge in the industry. Specialists in medical marijuana facility design can help new business owners get their commercial operations off the ground with equipment and infrastructure suited to the growing, processing and office needs of the business. New trends in medical marijuana facility design can offer smarter grow room offerings and climate control that automates lighting and temperature adaptation. Cannabis growing consultants can advise you on how to get a marijuana business license and assist with drafting a cannabis cultivation business plan. They can also offer expertise in medical marijuana marketing.