On 5 November 1996, California made history by becoming the first US state to legalize medical marijuana. Proposition 215, the ‘Compassionate Use Act,’ made it possible for patients who meet specific requirements to obtain and use marijuana legally with a doctor’s recommendation. The legalization of medical marijuana created a business opportunity, and, as a result, dozens of dispensaries sprung up in the state.
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Fast forward, nearly two and a half decades later, 33 US states and the District of Columbia have legalized medical marijuana, and the industry is blossoming. Industry experts predict an increase in sales of medical marijuana from $5.1 billion in 2017 to an estimated $12.5 billion in 2025. This is a big deal, especially considering that the medical marijuana industry is still in its nascent stages. Still, the industry offers many exciting opportunities waiting to be filled by innovative, forward-thinking individuals.
Medical Marijuana Jobs
If you are a cannabis enthusiast thinking about ditching your conventional office job to try your luck in the medical marijuana industry, we have good news for you. The cannabis business is booming, and there’s potential to make good money as the industry continues to grow exponentially. However, the path to a successful career in the medical marijuana industry is filled with hoops and unforeseeable roadblocks. Below, find tips on how to start and run a successful cannabis business in the United States.
Have a Unique Business Idea
The first — and arguably, the most important — step to starting a business is coming up with the idea. You must come up with a unique idea to improve your chances of success in the industry. Try to think of an idea that caters to unmet needs. Most people choose the mainstream route of growing operations and marijuana dispensaries, which are all good ideas, but these operations can be risky and often have tight profit margins. When it comes to the cannabis industry, ancillary businesses are a safer bet for budding entrepreneurs (no pun intended).
Understand Your Target Market
In business, you need a good understanding of your target market and their particular wants and needs. The marijuana business is no different. Due diligence is vital when it comes to cannabis-focused market research. Go out there and learn what you can do to ensure that your prospective clients are happy and satisfied with your product and services. Strive to build authentic relationships with the local cannabis community. Your success in the industry is tied to the connection you have with your clients.
Like any other business, you will need capital to get your business plan off the ground. This is not going to be easy because the marijuana business is still illegal under federal law. For that reason, some investors don’t want to put their money into the industry. That being said, some are excited about the booming cannabis industry and want in on the action. Steer clear of the banks. Instead, focus on getting some great individual investors to back you financially.
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Follow the Rules
The rules, laws, and regulations governing the cannabis industry are incredibly complicated and confusing. Laws also differ from one state to the next. You need a license to operate a medical marijuana business in your country, which is just valid in one country. Therefore, you need to plan your business to operate within state laws. Even with plenty of funding, a good business plan, and an extensive consumer base, you risk losing your license, hefty fines, and even jail time if you don’t play by the rules.
You Might Have to Move
When it comes to running a successful medical marijuana business, location is key. Many people think that the West Coast of the US offers cannabis enthusiasts the best at breaking into the medical marijuana industry — and the cannabis industry in general. That’s mostly because states such as California were the pioneers in medical marijuana legalization in the US states. However, things have changed significantly over the past two decades. Many east coast states such as New Jersey, New York, Maryland, Pennsylvania, and others have a medical and recreation program.
As more and more US states legalize medical marijuana, many are considering getting into the cannabis industry. There are plenty of opportunities for those willing to put in the work and play by the rules. As stated earlier in the article, marijuana is still illegal under federal law. As a result, there’s still a lot of uncertainty in the medical marijuana industry. However, it’s quite unlikely that the feds are going to raid your medical marijuana business. The most important thing is to ensure that your business abides by all state and local laws.
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Are you looking for a licensed medical marijuana doctor in New York? MD Berry can help you out. We are proud to serve you as New York’s leading provider of medical marijuana cards. Get yours online in three easy steps. Contact us today for more information about medical marijuana and how to break into the industry.