As the fastest growing industry in the U.S., cannabis is attracting a lot of attention from entrepreneurs and investors. For those looking for ways to invest in the cannabis industry, a cannabis consulting company can help, from licensing to production to sales and all the way to taxes.
A growing industry
Medical marijuana is the fastest growing industry in the country. In 2014, the market for cannabis grew by a healthy 74%, according to the ArcView Group. This was an increase over the previous year ‘s revenues of $1.5 billion. It is estimated that with full legalization across the country, revenues would grow by 1,262% from the 2014 sales, to reach a total of $36.8 billion.
Given these opportunities, investors are looking for a marijuana investment strategy. Starting a medical marijuana business is not a simple matter, however, since it is legal in half the states but illegal in others. It is still considered an illegal and banned Schedule 1 drug by the federal government, which raises all kinds of questions when it comes to taxes and transportation.
To help investors negotiate the complexity of conflicting laws and overlapping jurisdictions, it’s a good idea to get help from a cannabis consulting agency, which has experience in handling these issues.
Licensing a medical marijuana business
The first step is to submit a marijuana business license application for your state. A cannabis consultant can help you prepare your application. Even at this stage, an expert knowledge of the industry and issues relating to design, security, cultivation, distribution, labeling, packaging and compliance are required.
A cannabis consultant can help you get your application approved and move on to the next stage of setting up production.
Setting up production
Setting up a marijuana production facility takes highly specialized knowledge and experience. A cannabis consulting company can guide you through all the stages of getting your product from plant to the final product ready to mail.
More Americans than ever before favor the legalization of medical marijuana. At the present time, 58% of the population is in favor of legalization, up from 17% in 2010. Three out of four medical doctors are convinced of its benefits. This is a good time for investing in the industry. With a little help from cannabis consulting, your business is posed for success and phenomenal growth.