One of the nation’s most recognized cannabis consulting companies, Denver Consulting Group, commented recently on an article in the Wall Street Journal’s MarketWatch, stating that the legal marijuana industry will be worth over $35 billion within 4 years. Denver Consulting Group is a provider of dispensary license application support, business-building services, staff training and compliance checks.
The $35 billion figure cited was forecast using data collected from states with legal cannabis programs.
“Those markets have experienced explosive growth since marijuana was approved, demonstrating the strong opportunity for industry players and state governments eager to gather the tax on sales and replenish their coffers,” the piece noted.
The report also observed that the cannabis industry is an entrepreneur’s dream. “As the recreational industry grows, there will be increasing opportunities for businesses to enter the market.”
Greg Gamet, Co-Founder and CEO of Denver Consulting Group, said now is the time for entrepreneurs and business professionals to enter the market, but cautioned that there are many landmines.
“The cannabis market is now one of the most tightly regulated sectors in America,” Gamet commented. “There are many opportunities to be successful in the cannabis industry, but you have to proceed with caution and understand the myriad of federal, state and local regulations that will impact your business.”
According to the article, the future of cannabis looks strong. “Despite the potential risks, analysts expect the market to continue its upward trajectory for the foreseeable future.”
Gamet agreed. “The smart move is to enlist the help of qualified, experienced cannabis consultants to help navigate the process of opening a business, staying compliant, and building a popular brand.”
How have you prepared to play ball in the cannabis sector? What safeguards do you, as a cannabis entrepreneur, have in place? Where do you go for advice? Share with us. We may just feature you.