It Looks Like the Cannabis Industry Means Big Money
When the cannabis industry expands in New Jersey, one thing is certain. There’s no doubt that it will explode and mean big money. The State will take in its share of revenue and hopefully eliminate some budget concerns. Meanwhile, cultivators and dispensary owners are also expected to profit if recreational marijuana becomes a reality.
The numbers speak for themselves. A company named BDS Analytics provides some critical data concerning the legal sale of cannabis. By the end of 2017, the cannabis industry was already a $9 billion business nationwide. Tax revenue for that year alone amounted to $1.4 billion. With certainty, those numbers are already up with California’s approval of recreational weed.
When it comes to determining opportunities, prospective cannabis business owners have a few things to consider. Not only are compliance issues critical – it’s a matter of what consumers will invest in. For example, will New Jersey law allow concentrates or edibles? What will the product cost?
For those already participating in New Jersey’s medical marijuana program, there are some that find the cost prohibitive. The price is somewhere in the range of $100 per ounce. How does this compare with buying pot on the street? According to one price monitoring site populated by consumer entries, the average weed price for non-dispensary purchases is $343.77 per ounce.
No pricing has been set as far as recreational cannabis. However, there is an assumption of safeness from buying from a dispensary. Consumers won’t have to worry about getting arrested. Additionally, they’ll have a better idea of what they’re getting for their money. At the very least, there won’t be concerns about smoking pot laced with something dangerous.
Cannabis Industry: An Investment
The cannabis industry’s explosion has led to several business opportunities. And, of course, with new companies – means an upshot in available jobs. The legal sales of marijuana have also received the attention of investment firms.
Take, for example, Viridian Capital Advisors. They provide strategic and financial advice exclusively to the cannabis industry. The company tracks deals from all aspects – from cultivation to real estate, to mergers and acquisitions. And, Viridian also watches cannabis stocks.
Cannabis stocks? Is there really such a thing? It might seem strange. After all, marijuana is federally prohibited. So, how could any type of cannabis company make a showing in the stock market? Most investors are familiar with the Motley Fool. See what they have to say on the subject.
When it comes down to it, there seems to be big money in the legal sales of marijuana. However, planning is critical. If you are an entrepreneur and think this might work for you, you need to start now. You’ll need a solid business plan, financing – and legal counsel to help you through the process.
Interested in becoming part of the legal cannabis business? Contact the Law Offices of Anthony Carbone to prepare in the wake of legalization.