Marijuana is now legal in some form in twenty-eight U.S. states and the District of Columbia – more than half of the country. As more states legalize marijuana for either medical or recreational purposes (or both), marketers and investors are lining up to get a piece of what is currently a $7 billion industry. With more than 60 percent of Americans living in a state where marijuana is legal or soon-to-be legal, it seems likely that the country is one step closer to potential federal de-scheduling of the substance.
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Despite its status as a Schedule I drug under federal guidelines, the cannabis industry is booming, and it has several unique characteristics that make it very attractive to potential investors. Here are three reasons why now is a great time to invest in a marijuana business:
- The industry is projected to be worth $35 billion by 2020. If marijuana is legalized at the federal level, the cannabis industry is going to be worth a lot of money. For many entrepreneurs and investors, this could be a chance to realize the American dream. Those who identify a market opportunity and capitalize on it before their competition can pretty much guarantee themselves a sizable return on investment.
- The banking problem will likely be solved soon. Because marijuana is still illegal at the federal level, cannabis businesses that are legal at the state level are unable to use the federal banking system. This is both a hassle and an enormous safety and security concern. However, as legalization gains steam, banking in the cannabis industry looks like it will soon become a reality, which should give investors confidence.
- The possibilities are endless. Don’t want to invest in the plant? There are all kinds of products and services that you can invest in instead, like vaporizer companies or companies that produce edible and non-edible products. Even if you don’t want to support recreational marijuana, you can invest in stock that supports medical research. There is a corner of the market for just about any goal.
Are you interested in starting or investing in a marijuana business? The marijuana business attorneys at Cantafio & Song PLLC can help you get started. To schedule an appointment with one of our award-winning attorneys, contact us at (888) 458-0991.