We’ve all heard the news.
California, the largest economy in the United States and the sixth biggest economy in the world, has legalized marijuana in 2018.
And business is booming.
Investors and entrepreneurs from the across the nation are scrambling to meet the growing demands of marijuana consumption.
Here are three reasons why entrepreneurs should start their operations now.
Marijuana Industry Projected to Double by 2021
According to BDS Analytics, the industry as a whole in the United States boasted $9 billion in sales. Since California has legalized the industry, it is predicted that marijuana revenues will increase to $11 billion this year, and stretch all the way to $21 billion in 2021.
This means that from 2017 to 2021 the sales will have more than doubled.
Growing Acceptance of Recreational Marijuana
It is no secret that at the federal level marijuana remains an illegal substance.
However, we’ve come a long way since the anti-cannabis propaganda at the beginning of the 21st century. See: Reefer Madness.
So, where are we headed now?
Beginning in 1973, the trend started bending towards legalization.
Oregon was the first state to decriminalize possession of less than one ounce of cannabis to a $100 fine. They scrapped heavy criminal punishments for smoking, and by 1975 Alaska, California, Maine, Colorado, and Ohio did the same.
By 1996, several other states had similarly thrown away their hefty criminal penalties and California led the nation with Proposition 215, which legalized the medicinal use of marijuana.
Two year later, Oregon, Alaska, and Washington followed suit. And during the following two decades, numerous states both decriminalized cannabis and legalized the medicinal use of it.
Finally, in 2012, Washington and Colorado made history by becoming the first two states to legalize marijuana for recreational purposes.
Since then, we have seen even more states walking in the same inevitable direction: decriminalizing marijuana, allowing its medical use, and legalizing it for recreational purposes. California is only the most recent example.
To top it all off, Trump’s administration will not pursue a crackdown on recreational marijuana.
And this is a bright green light for cannabis startups.
To see a full timeline, click here.
Profitability in the marijuana industry is common.
According to The Factbook, 62% of legal cannabis businesses said they were profitable in the first 12 months. Only 6% of marijuana startups claimed it took three years or more.
Considering that 50% of all startups in general fail within their first year, the chances are high that a marijuana venture will succeed.
GrowEnclosures.com Makes Cultivation Easy
GrowEnclosures.com has been helping marijuana startups become profitable from the beginning. We build spacious cannabis growing rooms and safe extraction labs for an affordable price. Our speedy installation using modular construction technology can get your business operating in a flash.
Our prefabricated modular buildings are 100% reusable and relocatable, providing an excellent return on investment. If for any reason you need to move locations, we’ll get you there.
As far as patching or painting is concerned, our walls are maintenance free. Everything is completed beforehand at a factory with strict quality control.
Call us today at (800) 959-6129 for a cost-free CAD design and to discuss how we can help build, grow, and expand your marijuana startup.