Invest in the Burgeoning Cannabis Industry
If you’re interested in medical marijuana business development, you are probably well-aware of the 2016 election results. According to the National Council of State Legislatures’ “State Medical Marijuana Laws,” there are 28 states, including the District of Columbia, Guam, and Puerto Rico, that have approved medical marijuana usage.
As a result of the passage of recent legislation, recreational marijuana usage has also been approved in additional states, including California. There are well over 17 million people that live in states which have legalized recreational marijuana. By 2017, this figure is expected to increase to 86 million.
You may be curious as to what this means for individuals interested in starting a medical marijuana consulting service or looking for other ways to engage in medical marijuana business development.
Prior to the 2016 election, there was a considerable amount of traction in the cannabis industry. In 2015, for example, the market was expected to increase 32% from 2014. In anticipation of legislation from all 50 states, the value of retail sales was $36.8 billion. This was an increase of 1,262% from 2014’s total wholesale and retail sales. To provide a perspective, during 2013, the cannabis industry alone brought in $1.5 billion.
Over the next five years, you may be interested to know that the revenue from legal cannabis usage is expected to exceed the film and organic food industry. Furthermore, it is expected to be more than triple the revenue brought in by the NFL.
If you’re looking for ways to invest in the marijuana industry, such as starting your own medical marijuana business, it’s a solid business practice to connect with other like-minded investors to share informational resources.
The Arcview Group, for example, provides webinars and other resources that you may find beneficial. Furthermore, not only does the Arcview group claim “Cannabis is the next great industry,” it is also recognized as number one as the cannabis industry’s “deal-flow” source.
It’s clear from recent election results that in addition to growing approval for medical marijuana, more Americans also approve of marijuana for recreational purposes. Furthermore, over 76% of doctors approve of using marijuana and other cannabis products for medical purposes.
If you have already decided to make an investment in this burgeoning industry, you may want to contact a cannabis consulting company for more information.