For anyone looking to start a medical marijuana business, this is a good time. Medical marijuana has been legalized in nearly half the states, and more are likely to follow. A cannabis consulting firm can help you in preparing a medical marijuana cultivation business plan. Since medical marijuana is legal in many states but illegal under federal law, marketing and tax issues are unique to this industry and it takes highly specialized knowledge in several fields to start a medical marijuana business. With a marijuana consulting firm to guide you through the complications, you can begin to invest in the industry and share the immense profits.
Investing in the marijuana industry
At the present time, the medical use of marijuana is legal in 23 states and the District of Columbia. The medical benefits are accepted by 76% of doctors. The overwhelming majority of patients who have used medical marijuana use – 92% of them – find it to be effective. It is used for diseases like chronic pain, arthritis and cancer. In New Mexico, the leading diagnosis for which medical cannabis is used is PTSD.
The number of patients currently using medical marijuana on a doctor’s recommendation is around 30,000 in California and 5,000 in eight other states, according to the Journal of Cannabis Therapeutics. If the trend in legalization of medical use of cannabis continues, this number can be expected to grow.
A growing market for medical marijuana operations
For both medical and non-medical purposes, the global market for hemp products includes such products as paper, personal care, textiles, and agriculture and others as well as cannabis. The projected value of retail sakes of cannabis following full legalization is $36.8 billion.
Within the next five years, earnings from legal sales of cannabis are projected to surpass the earnings from the film industry or organic foods. They are expected to be more than triple the NFL earnings. The market is already experiencing spectacular growth, at 74% in 2014, according to the ArcView Group. This was an increase over the previous year’s revenue of of $1.5 billion. Such rapid growth is matched by few other industries. This may be a good time to invest in the industry, and to begin by creating a medical marijuana cultivation business plan.
Creating a medical marijuana cultivation business plan
If your ready to invest in the medical marijuana industry, the first step is to create a medical marijuana cultivation business plan. This takes specialized knowledge across several different fields, including company law as well as the differing state and federal regulations concerning marijuana use. A consulting firm with the wide experience necessary can help your business avoid the legal tangles and pitfalls while benefiting from the rapid growth in profits.
As the medical use of cannabis is legalized in more and more states, and the possibility of full legalization loons, this is a good time to invest in the industry.