Now is the best time for getting into marijuana business. Cannabis industry expect strong growth from now till 2020 and beyond. According to Forbes, a new study shows that the cannabis industry may provide more jobs in the US than manufacturing in 2020. The legal marijuana business was worth $7.2 billion in 2016. Cannabis market is forecasted to grow to more than $25 billion by 2020. Legal marijuana businesses will meet less than half the demand. According to Business Insider, the cannabis market, both legal and illegal, totals $53.3 billion in the US and Canada. This means marijuana investors have space to grow for several years to come. Marijuana business expects to grow 17% year after year. The timing is ripe for investors getting into marijuana business.
Investors are getting into marijuana business, a.k.a the green rush
More and more state are implementing legalization of marijuana. California will implement legal recreational marijuana on January 1st, 2018. California is currently a large market for medical marijuana, and expect to become the largest market for recreational use. To learn more about starting a legal medical marijuana business, Click Here
There are many business opportunities for recreational marijuana. Consumers can ingest marijuana in different forms: edibles, spray and vapor. These alternative forms give consumers a wide range of choices, from different flavors to various kind of “high” experiences and different levels of intoxication. Manufacturers are investing in creating more food products to meet growing demand. There are business opportunities for growers, manufacturers, testing labs, transportation. Dispensaries, grows and factories require general contractors, air conditioning, lighting, electrical engineer. Edible products and cannabis food recipes create opportunities for restaurants. Stores and facility requires security and cameras.
There are concerns that the federal government will increase enforcement of drug law. However, states are determined to protect their revenue and jobs created by the cannabis industry. Currently, there are 25 states which legalized medical marijuana and 7 states which have legalized or are in the process of legalizing recreational marijuana.
Sources:Forbes Business Insider