The sale of cannabis has not been legalized in all 50 states. However, business is steadily growing as new cannabis legislation and compliance guidelines are put into place to regulate the new industry.
Five states had some legal marijuana legislation on the ballots during the last election cycle, as more states are looking to legalize cannabis. The central point of contention with legalization for several states is the issue’s regulatory and reform sides.
Remember, although marijuana is legal in 37 states, two territories, and Washington, DC, it is still not mandated federally as it was only recently removed from the controlled substances list if the cannabis has been derived from hemp.
This industry is growing globally. It’s estimated that by the year 2031, global sales will be nearly $150 Billion. There are several growth opportunities in real estate, funding, retail, production, and distribution.
Several large corporations in the alcohol and tobacco industries have started acquiring cannabis businesses in hopes of offering hemp products on a much larger scale to their consumers. This trend will lead to tremendous growth and change within the industry.
Despite the tremendous growth of the cannabis industry, there are still several challenges in cannabis sales. Legalized marijuana legislation and regulations from state to state varies. Currently, in the U.S., banks do not allow access to traditional funding for cannabis businesses.
It’s essential to do a lot of research if you’re considering entering the hemp industry, as the regulatory standards and compliance issues differ depending on where you’re looking to open your business.
In addition, developing a solid business plan and securing funding are critical components to a successful business in any industry, especially in the cannabis business. There are lots of opportunities to get involved in this growing industry and many ways you could make your mark with your idea.
MyBudPos is revolutionizing the cannabis industry and sets the standard for cannabis compliance and software. From seed to sale, cannabis business owners look to MyBudPos to manage their cannabis dispensary business operations. Learn more about how we can help you reach your full potential in the cannabis industry by checking us out at www.mybudpos.com.
