Not too long ago, the marijuana business was considered illegal in most American states.
Today, it’s a fast growing industry, legal in several states across US. Not surprisingly, the number of “potpreneurs” is growing every minute.
Current State of the Legalized Marijuana Industry
But what unique opportunities and challenges does the cannabis industry present? New data from business career site BusinessStudent provides an in-depth analysis of the marijuana industry and its growth prospects.
Cannabis Business Presents Growth Opportunities
According this data, the legal cannabis market is expected to be worth $24 billion by 2025. Moreover, the cannabis market is set to create almost 300,000 jobs by 2020.
Interestingly, the number of women executives in the cannabis industry is 27 percent. That’s 4 percent higher than the national average of 23 percent, reflecting the opportunities for women in this business.
Where to Start a Cannabis Business
Two of the best states to start a cannabis business are Colorado and California.
Thanks to its open licensing laws, Denver has twice as many cannabis dispensaries as it does Starbucks. As for California, the state is expected to have recreational cannabis business licenses available in 2018. This will pave the way for a variety of cafes, restaurants and dispensaries.
Entrepreneurs in New York and Minnesota, however, might have to wait before they can start their marijuana business. New York has harsh regulations and highly competitive licensing, while Minnesota allows just eight dispensaries in the state.
Restrictions on Cannabis Marketing and Promotion
Despite being legal in several states, most online networks, social media sites, broadcasters and print publications enforce some kind of ban on cannabis ads.
States with legalized cannabis restrict ads, such as preventing businesses from running commercials or buying billboard space where children may see it.
To learn more about the prospects of the cannabis business, check out the infographic below:
Images: BusinessStudent
This article, “Thinking About the Cannabis Industry? Here’s some Data That May Be Helpful (INFOGRAPHIC)” was first published on Small Business Trends