Top 33 Facts You Need to Know about the Medical Cannabis Industry
Just a decade ago, it was almost unfathomable that medical marijuana would be as accepted as it is today. The people of the United States have witnessed a concept slowly transition from a disparaged taboo to an acknowledged medical treatment.
Under the rule of the federal government, marijuana is treated as a Schedule I substance, thus making it illegal. However, this has not stopped states from implementing local medical cannabis laws.
As a result, more and more professionals and entrepreneurs have begun to explore the business possibilities that medical cannabis offers. While there is still a murky gray area that surrounds the legality of some of these companies, there are plenty that play by the rules.
The medical cannabis industry is currently experiencing unprecedented growth. With the increasing legalization that is sweeping across state governments, now is a better time than ever to look into investing in the space.
Due to this industry being currently pioneered right before our eyes, there is no example or model to follow when determining which direction to take in the medical cannabis space. But, stepping back provides a broad prospective of the many cannabis startups, which allows one to see business trends at work that generally determine success or failure.
First Harvest Financial offers experienced, insightful portfolio consulting to clients who are looking to invest in the industry, thus connecting them with cannabis startups that are in search of funding.
By facilitating the success of firms that choose to specialize in the cannabis industry, First Harvest Financial helps improve the quality of life to those who would benefit from medical marijuana as an alternative medicine.
The opioid addiction epidemic that currently affects the United States, where patients who are prescribed painkillers frequently abuse them and become addicted, could potentially be resolved by medical marijuana. However, medical cannabis startups are not operating at an ideal speed due to skepticism from investors.
First Harvest Financial works with visionaries and entrepreneurs who are seeking to invest in what could prove to be one of the most lucrative industries in all of history. While the way has not been paved for those seeking to work in the space, professional business advice is always a benefit, both to the firms and the investors.
With all of that out of the way, let’s dive into the top 33 aspects of the medical cannabis industry you need to be aware of:
1. One of the Most Booming Industries of Today: Medical cannabis has seen unprecedented success over recent years. With widespread acceptance and more interest in the plant than ever before, it’s no wonder why medical cannabis has skyrocketed.
2. Only 22 Left: Twenty-eight states have legalized medical cannabis, meaning the US has crossed the halfway point in the number of states that have legalized cannabis for medical use. As more and more states follow suit, the rate at which it is legalized increases exponentially.
3. Medical Cannabis Tax Revenue is Literally Tons of Cash: The amount of money that Colorado makes from taxes is absolutely absurd. If all 50 states implemented taxation on medical cannabis, the amount of state income from taxes would be unfathomable.
4. Medical Cannabis Sales Have Soared in 2016 (and Continue to): With the results from the November elections adding more medical cannabis states to the roster, sales have climbed higher than ever before.
5. Clear the Air – Medical Cannabis’s Stigma is Fading: As more and more areas legalize cannabis as a medical treatment option, society is becoming more tolerant and less scrutinizing of medical cannabis, due to its many effective applications.
6. Growing and Growing – Investing in Medical Cannabis: Medical cannabis is an industry that is expected to not only take off, but also leave this planet altogether. The amount of revenue that is expected to come from medical cannabis by 2020 is more than anyone ever anticipated, making now a perfect time to invest in startups and other segments of the industry.
7. Top Jobs in the Medical Cannabis Industry: A growing industry equals more jobs. While not every job is glamorous, there are a few that prove to be especially lucrative.
8. Finally, Physicians are Becoming Educated: A major issue in the industry today is the amount of medical professionals who are not independently educating themselves on medical cannabis treatment. Fortunately, however, more and more seem to be striving toward learning about it medical cannabis and its applications in great detail.
9. Projections are Good – Medical Cannabis Sales Predicted to Sharply Increase: “Sharply increase” is an understatement; medical cannabis sales are expected to boom as more and more people than ever are becoming involved and investing in the space.
10. Most Effective Medical Cannabis Products: Medical cannabis does not have to be something that a patient smokes; there are many different ways the herb can help alleviate even serious conditions without being inhaled at all.
11. Top Impacts Medical Cannabis has had on Medicine: Medical cannabis has made a colossal difference in the medical field due to its wide variety of uses and staying power when facing off with prescription drugs.
12. The Economy Loves Medical Cannabis: “More money, more problems” isn’t necessarily always true; medical cannabis brings in plenty of money that can both bolster the economy and be reinvested in the industry.
13. Research Finds New Uses for Medical Cannabis All the Time: Cannabis already has an enormous range of medical uses, and more are being discovered very frequently. Currently, the possibilities appear to be nearly endless.
14. Cannabis Education is Now Being Taken Seriously: As mentioned earlier, medical professionals are finally looking into educating themselves on medical cannabis applications. However, the public is also learning more and more about the plant as the stigma dies down.
15. Non-Smoking Options are Gaining Popularity: Smoking is generally cast in a negative light due to cigarettes’ addictive and harmful properties. To help accommodate this mindset, there are plenty of other ways to consume medical cannabis without smoking it.
16. More Green Equals More Green: As the industry expands, more and more money will be generated and then subsequently pumped back into the industry, creating a powerful cycle of growth.
17. New Dispensaries are Popping Up All Over the Country: In the future, dispensaries may be as common of a sight as newspaper stands. Throughout the entire US, dispensaries are beginning to appear, making various medical cannabis treatments available to those in need.
18. Business Owners Are Starting to Transition into the Industry: Accomplished entrepreneurs have noticed the market’s boundless potential, and many have decided to enter the medical cannabis space in order to capitalize on the giant wave of profitability as it is still forming.
19. The Second Prohibition Era is Coming to an End: Much like alcohol became socially acceptable after Prohibition was repealed, medical cannabis is beginning to see that same approval. While it may take years before it is as ubiquitous as drinking at a bar, medical cannabis is on the right path.
20. Top New Medical Cannabis Technologies: Research is the backbone of the entire industry. By providing solid facts about the plant’s efficacy and discovering more ways for it to be utilized, research keeps cannabis relevant as a treatment option.
21. No Longer a Novelty – Businesses are Getting Serious About the Future: Now that the projections have been laid out, people are beginning to develop solid plans for their medical cannabis businesses. With such a large potential for profit, now is the most important time to lay the groundwork for your company.
22. Medical Organizations are Including Cannabis in the Budget: As legislation becomes more and more lenient and progressive, organizations in the medical industry are now beginning to fund programs for medical cannabis.
23. Tackling the Prescription Drug Giant: Prescription drug corporations hate medical cannabis, as it slashes their profits and has the potential to alleviate symptoms more efficiently than the drugs they push to patients.
24. The Medical Cannabis Industry is Here to Stay: Some markets only blow up for a short period of time before returning to the nothingness they grew from. Medical cannabis, however, shows no signs of slowing down, and only continues to gain momentum.
25. To Those with the Cash, Check Out the Stock Options: The market is expected to become a place of great fortune over the coming months and years, so take the time to research how it has been performing. Afterward, seriously consider investing.
26. Consulting is Vital: In an industry that has very little past to learn from, it is important to get advice from the pros in the field. Consultation is essentially paying for suggestions, but it could be exactly what you need in order to start earning groundbreaking profits.
27. A Timeline of Medical Cannabis Legality: As we all know, medical cannabis has not always been legal. It is interesting to look back and view the rate at which legality has increased, and also what states made the bold decision to be some of the first places to allow medical cannabis use.
28. Things to Look for in a Consultant: A consultant should be someone you can communicate with like a friend, but they should prioritize their business relationship with you first. There are many things a consultant should not be, but what’s most important is what they should.
29. Medical Cannabis Laws Vary Among States: Just because a state has legalized medical cannabis does not mean that anything goes. There are strict rules and procedures that must be followed in order to avoid violating the law.
30. It’s Not Just a Phase: In growing industries, profits generally experience a spike at the beginning before tapering off and slowing down. In the medical cannabis industry, however, this has not been the case.
31. Expect to Invest a Significant Amount of Time: Business is hard work, and the medical cannabis industry is so new in some locations that it is essentially being pioneered. Time and passion are both necessary requirements to succeed in the space.
32. If You Haven’t Yet, Start Building a Solid Network: Connections and contacts are important in any industry, but they are vital in the medical cannabis space. Entrepreneurs can learn from each other without competing, so take the time to put yourself out there and connect.
33. Be Wary of State Regulations: Convoluted and complex regulations and guidelines have the potential to leave medical cannabis industry professionals frozen with the fear of breaking state laws. Finding someone who can walk you through them will save time, pain, and money.
The medical cannabis industry is quickly becoming a solid investment. Furthermore, investing in the space helps advance medical technologies that could benefit countless patients. To learn more about the services First Harvest Financial offers, call 813-563-3042 or visit http://www.firstharvestfinancial.com