Cannabis business license regulations will vary from city-to-city and state-to-state. This is one of the main reasons why it’s essential to contact your local, county, and state government offices in order to determine the specific regulations and what, if any, restrictions, may apply.
In general, the specific type of business will determine which license is required. Whether you are panning to offer a product, a service, or a combination of both may make a difference in the type of license required.
These businesses may include, but are not limited to, the following types:
- Cannabis consulting company
- Marijuana investment advisor
- Medical marijuana business
- Outdoor marijuana cultivation
Given recent elections, there are increased opportunities and ways to invest in the cannabis industry. In addition to medical use, as of the 2016 November elections, some states have approved marijuana for recreational use. According to a post-election article in Forbes, the following states legalized recreational marijuana:
- California
- Maine
- Massachusetts
- Nevada
According to Forbes
, the following states legalized medical marijuana:
In terms of return on investment, The ArcView Group reported market growth was up in 2014 by 74%. In 2014, revenue was $1.5 billion. Furthermore, it was estimated that in 2015, the market would increase an additional 32%.
Arkansas
Florida
Montana
North Dakota
The ArcView Group recently reported that in 2016, total regulated marijuana sales amounted to $6.7 billion. Sales projections for 2021 are $20.2 billion, which represents a 25% compound growth rate.
When conducting research on cannabis business license regulations within your city, county, and state, you may also want to consult with a marijuana consulting company. In addition to assisting you with understanding local regulations, they can also assist you with developing a solid business plan.
In addition to starting your own business, you may want to consider speaking with a consultant about ways to invest in the marijuana industry. A consulting firm can also assist you with developing a cannabis investment strategy.
Since you are interested in entering this business, you may already be aware that revenue from legal cannabis is expected to be higher than major industries such as film and organic foods. Furthermore, within the next five years, revenue within this industry is also expected to more than triple the NFL’s revenue.