That all changed on Novemwith the signing of Colorado House Bill 1090. Of course, if you’re expanding from cannabis cultivation to include manufacturing, then you’ll need to start from square one and define the foundation for the new, manufacturing arm of your business.Ĭonsider how difficult, if not impossible, it was for out of state investors to enter the early Colorado market due to restrictions imposed by the state’s cannabis law. Bear in mind, differing state and local regulations demand changes to your procedures. Once you develop and refine the operational structure and the company’s assets, then it’s much less effort to replicate them across licenses. In some ways, scaling up is easier than starting the first business. From submitting a thorough, winning cultivation license application, to writing the collection of SOPs necessary to comply and run a highly regulated medical marijuana business. Scaling cannabis businesses must build up their processes to a point where they can replicate their operation. So what does all this data show? That cannabis is a wave overtaking this country and it’s here to stay.Įarly cannabis market players in states like Colorado, Oregon, Washington, Michigan and California who established their foothold, are now making their claim on emerging markets that have recently turned ‘green.’
Opposition to cannabis legalization has fallen from 52% in 2010, to just 32% as of November 15, 2019. In a recent Pew poll, 67% of Americans believe adult-use cannabis should be legal, and 91% support legalizing medical marijuana. The tides are changing, new opportunities are forming It’s essential to do the proper research and take the correct steps to scale a business, achieve revenue goals and sustain in new markets. If you already operate a commercial cannabis cultivation business and are considering expanding operations, this endeavor must be done strategically. Entrepreneurs are quickly learning that the cost of doing business in the cannabis industry is much higher than they initially thought. While cannabis sales have increased on average, from this year to last, competition and total supply have as well. And given that today, we’re pre-federal legalization in the U.S., establishing a foothold is a priority and driver for all. People from all walks of life, first time business owners to serial entrepreneurs to venture capitalists, are getting in on the Green Rush. Software to Improve Efficiency and ConsistencyĬannabis entrepreneurs are seizing the widening opportunities in new and established medical marijuana and adult-use markets.
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