How to start a LEGAL Marijuana Business
How To Start A Legal Marijuana Business — There is more and more talk about the legalization of marijuana these days. Lately, more countries and states are softening their laws concerning marijuana production and use. A lot of individuals are trying cash in on this ever-changing legal landscape in the marijuana industry. So, if you are thinking about grabbing your piece of the action, we will take a look at some of the factors you should consider before you venture into the business of growing marijuana.
How To Start A LEGAL Marijuana Business
For those that are already in the business, the grass has never been greener (yes, pun intended). Statistics are making the business of growing marijuana more attractive every day. True as this may be, there are some facts you need to know before getting started. We will provide you with some information that you should consider before you jump in only to be left high and dry.
Growing Marijuana Is Not Cheap
How to start a LEGAL Marijuana Business and getting competition. Moreover, other production dynamics like overhead costs, cost of land, and equipment, make the cultivation of marijuana expensive. The investment needed to start is quite expensive and keeps getting higher as the industry grows.
It Is Time Consuming And Expensive To Get A Licence
It will definitely take a long time between submitting your license request, and getting the first coin into your pocket from the business of growing marijuana. There is a lot of red tape involved in the licensing process.
Before the license is issued, the prospective investor will be required to provide an address of where they will be setting up their growing facility. This will force you as the investor either to rent land, or buy land, so that the responsible authority can verify whether you are located within locations that meet regulations. This means that your money will be sitting idle without any guarantee of approval for business which can turn out against your favor.
Once the licensing is in place, and you have the green light, you will still have a lot of work to do. Setting up the facility is also a time consuming venture, as is tending the crops for 6 months before you can get the harvest. All the while, you have to factor in small adjustments to the original plan which could end up costly more money.
Commercial Growers Are More Demanding
Unlike other businesses, the business is challenging to scale. Economies of scale may not work in the business of growing marijuana. However, the venture is worthwhile if you have the space. And are willing to make adjustments to allow for proper use of resources like light, fertilizer, and labor.
The cannabis market is very dynamic on both the medical and recreational front. With entrants of big time investors that put in every imaginable resource, the demand is becoming well taken care of. This being a quality rather than quantity industry. You have to be a very good grower to be able to exploit the gold mine. Being able to adapt to the changing trends is a must for you to stay competitive.
Be that as it may, leaving the drawing board with a solid plan. It should help avoid the potential pitfalls in this business. This will let you enjoy the benefits of a solid, and growing market. The future holds a lot for the business of growing marijuana.
About the Author
I’m a pretty chill dude who likes to smoke God’s gift from time to time. I like to write about different topics about marijuana to educate, entertain, and inform others who also like to light up and blow some smoke. Enjoy...