If you’ve been looking for a new venture to invest in there are many industries, products, and million dollar ideas you can roll the dice on. While these opportunities might all be good options, as an entrepreneur and investor, you’re probably of the opinion that an opportunity to get in on the ground floor of a growing industry can be the most advantageous and exhilarating.
If you’re still wondering what Bloomberg is predicting to be a $50 billion industry in the next decade, read on because you won’t want to miss what we have in store for you in today’s article.
As recently as this November the US gained four new states that will legalize recreational marijuana for adult use. To date, there are about eight US states, in addition to the District of Columbia, where recreational marijuana is legal. Add that to the 28 states that allow medical marijuana and you’ve got approximately 21% of the US population living in a state where marijuana is legal. If a lightbulb just lit up above your head it might be time to weigh in on some of the pros and cons of investing in the Marijuana business.
Getting a Piece of the Pie
While some might be hesitant to enter the market due to state and federal laws that conflict with one another, Cannabis programs, such as the one that Fremont College offers, have been popping up one by one for those who are looking to learn how they can setup shop and get in on the action. A good class can teach a beginner everything he or she needs to know to join the industry as a knowledgeable professional. Course work includes everything from growing and dispensary management to legal issues making it easy to acquire the knowledge and skills you need to setup a cannabis business.
People in the Industry Are Scaling, And Fast
In order to meet the growing demand, growers and makers of infused products have had to step it up a notch. More automation is entering the industry, which is quickly becoming a differentiator between the mom and pop shops and the corporate companies who continue to meet more the demand and take market share. Even daily tasks such as rolling joints may have taken 2-3 employees all day to roll 800-1,000. With machines such as the Futurola machine, a business can automate the process and the same 2-3 employees can now produce up to 8,000 pre-rolled joints daily.
What’s Your Money Worth?
According to the 2016 Marijuana Business Factbook, The cultivation and infused products/concentrates sectors are particularly lucrative, with 29% of wholesale growers and 27% of infused companies saying that they are “very profitable.” Add that to the explosive growth predictions and you have what could be massive potential to generate a nice ROI.
What’s Your Prediction for the Cannabis Industry in 2018?
I’d love to hear from people currently in the industry. What are your predictions about the cannabis industry in 2018 and 2019?