Every year, various ballot referendums or legislation that will allow the legal use of marijuana is presented to the voters. As the adult-use programs in states such as New York and New Jersey start to take off, more states are expected to follow suit. In 2022, more states will also be voting on measures that allow the use of adult-use marijuana.
The rapid growth of the cannabis industry and the establishment of adult-use programs in states such as New Jersey and New York have created numerous business opportunities for entrepreneurs. It can also be an excellent opportunity for small business owners to expand their operations and take advantage of the international market.
Predictions
According to statistics from New Frontier Data, The US legal cannabis market is expected to grow to over $70 billion by 2030. Despite the various state initiatives that have legalized the use of marijuana, it remains illegal in many areas around the country.
Cannabis Industry
It is commonly believed that the cannabis industry is composed of individuals who grow the plant, the manufacturers who make the products, and the retailers who sell those products. However, this is not the case. The various elements of the supply chain are not the same as those of the legal marijuana industry.
The various elements of the cannabis industry are not the same as those of the legal marijuana industry. There are two main categories of businesses in the sector: ancillary and plant-touching.
The different elements of the plant-touching industry, such as breeders, retailers, and manufacturers, are often associated with the cannabis industry. However, other companies are not so prominent, such as the transportation and delivery firms that carry out the final steps of the production process.
An ancillary business within the legal marijuana industry is composed of companies that support the plant-touching industry. These firms are not involved in producing, cultivating, or distributing marijuana products. They can include lawyers, marketers, and other professionals. These companies can also help the plant-touching industry improve its processes by providing them with the necessary equipment and services.
In addition to the various factors that come with running a legal marijuana business, such as the plant’s legal status, the multiple challenges that startups face are also different from those that other companies face. Building a solid foundation and adapting to the changes brought about by regulations will be very important for any business to succeed in the industry.