With more and more people in favor of legalization, starting a medical marijuana business can be a good investment. Medical marijuana use is already legal in almost half the states and more are expected to follow. If you’re ready to follow this investment opportunity, a medical marijuana consulting firm can help with all aspects of cannabis business development. From licensing a marijuana business to marketing, you can find help to get your project off to a great start.
Investing in the cannabis industry
For anyone thinking of investing in the cannabis industry, this is a good time. Business opportunities are growing and it is estimated that the global market for hemp includes more than 25,000 products such as paper, personal care, textiles and agriculture and more, in nine sub markets. The potential for earnings is huge: earnings from legal cannabis are projected to exceed revenues from the film industry and organic foods, and to be triple the amount of NFL earnings over the next 5 years.
Some trends are already clear. Research by the ArcView Group, which focuses on investment in the cannabis industry, found in 2014 that the U.S. market for cannabis is grew by 74%. This was up the $1.5 billion reached in the previous year. And in 2015, the market is expected to grow by another 32%. The projected value of retail sales of cannabis in the U.S. from full legalization across all states is estimated to be $36.8 billion. This represents an increase of 1,262% over total wholesale and retail sales. Medical marijuana consulting can help you to take the the first step in this rapidly growing field.
Do you need a medical marijuana business plan?
If you’re ready to begin investing in medical marijuana, cannabis business resources like consulting services can help you get started. As of 2015, medical marijuana had been legalized in 23 states and D.C. Studies show that the majority of doctors -76%- and patients are convinced of the value of medical marijuana. Large numbers of people suffering from chronic diseases are already benefiting from medical marijuana.
In California, 5% of adults reported using medical marijuana for serious medical conditions like chronic pain, cancer, arthritis and others. The Journal of Cannabis Therapeutics published a study estimating the number of patients who had a physician?s recommendations for medical cannabis use was 30,000 in California and 5,000 in eight other states. In New Mexico, the leading diagnosis that constituted the qualifying criteria for a medical marijuana license was PTSD, at 27% of the total number of licenses issued.
With help from a medical marijuana consulting company, you can begin to invest in this growing field.