Entrance into the Cannabis Industry

By Sponsored Content

I have a chronic medical condition that is currently being successfully treated with medical cannabis. Although this may seem cool, it has been an inconvenience, given where I go to school. Additionally, I have had some issues in my dorm. I understand that, eventually, I will have to move to another state. Nevertheless, my condition and what I am learning in college are inspiring me to get into the cannabis industry. What parts of the country have legalized cannabis, and what career or industry opportunities are blooming? Also, what should I be looking out for legally?

 We are sorry to hear about your medical condition, but it is great that you are being treated successfully. The term medical marijuana, or medicinal cannabis, is used to describe the use of the plant or its extracts as a medicine. Although theFood and Drug Administration (FDA) does not recognize the medicinal use of the substance, several scientific studies have led to the development of FDA-approved drugs. In 2017, 3.2 billion dollars’ worth of medical marijuana was sold; therefore, many people like you are being treated with cannabis. A total of 29 states have legalized the use of medical marijuana, and several have legalized its recreational use.  

 Experts estimate the cannabis industry to be worth more than 7 billion dollars worldwide; therefore, entrepreneurs are developing a multitude of sectors that can capitalize on the rising popularity. Frommedical marijuana lawyers to dispensaries, business owners and enthusiasts are building on the growing number of medicinal and recreational users to provide the products and services needed for the industry. These businesses are broken down into 12 sectors that include biotechnology, marijuana-related products, cultivation, retail, hemp-related products, real estate, AgTech, services, devices for consumption, technology, ancillary products, and investing and finance. With such a wide range of sectors, you can easily incorporate your degree program and developed skill set and join one or more of the many sectors.

 Among the different industries that revolve around the plant, many vertical businesses are also appearing. These businesses leverage new or current products and services and integrate them into the cannabis industry. For example, real estate properties can be modified and repurposed for retail use in states where selling cannabis is legal, such as California or Colorado. Another example is software companies that have modified their software to manage the many needs of the sector. This is especially true with apps, as this type of software is gaining a lot of attention from developers and users alike. Vertical businesses are limited only by imagination, and this area will continue to experience growth as more states continue to legalize.

 Regarding legal issues, the cannabis industry still faces many challenges. A lot of the issues relate to the fact that the marijuana is still qualified as a drug and is illegal at the federal level. Therefore, while states where the drug is legal provide a basis for the individuals to conduct business, the federal government can still go after these businesses. Furthermore, financing the activities for a cannabis business creates the next set of legal hurdles. For example, businesses that have amortgage on a property conducting state-level legal cannabis activities are technically breaking the mortgage loan clauses on activities considered by the bank to be illegal, because such companies are considering federal law and not state law. In this sense, it is best to consult and hire a lawyer with experience in cannabis law. Ensure that you have continuous representation should any issues arise. Also, when you do decide to move, keep in mind that when driving, you will most likely drive through states where cannabis is illegal. Experts at this car dealership in North Olmstead, OH suggest that you hire an auto transport service to get your car where you need to be, while you take a flight and carry your prescription and medical marijuana card at all times.

 The cannabis industry still must work out many issues relating to the legality of activities to continue growth. While the world is evolving toward a cannabis-friendly environment, it still has a ways to go. Therefore, it is imperative that individual recreational consumers, medicinal users, and businesses seek legal counsel to avoid the legal ramifications of breaking federal law.

“In the long run, we shape our lives, and we shape ourselves. The process never ends until we die. And the choices we make are ultimately our own responsibility.” — Eleanor Roosevelt