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7 stats you need to know if you want to start a cannabis business in the US in 2020

Jars Of Cannabis Flowers


In the United States, weed is talked about everywhere, including famous personalities such as Elon Musk, Snoop Dogg, and Martha Stewart.

With the emerging of high-tech cannabis vaporizers and delicious edibles like brownies and chocolate candies, many consumers are becoming more aware of the good effects of cannabis.

The popularity of cannabis in the country further increases as cannabis businesses grow in number. It’s a high demand industry which is promising to medical patients. But what are the things you need to know before starting a new cannabis business in the United States?

Legalization of Cannabis in the United States

In the United States, recreational marijuana legalization is gaining gradual victory from one state to another. For instance, four states legalized cannabis in 2016 since Colorado first legalized recreational marijuana in 2012.

Just this 2020, the eleventh state to legalized cannabis in Illinois. Cannabis is busy making headlines after this kicked off the new year with flying colors in recreational sales. Now, other states are moving closer to the legalization of weed while ensuring social equity.

Indoor Cannabis Growing Trends

While outdoor growing provides a natural habitat for cannabis to grow, indoor growing is highly recommended to keep cannabis cultivation discreet. Choose one of the top startup incubators for cannabis businesses to keep your cannabis plants healthy given the right temperature and humidity levels to avoid rot or mold formation and other plant problems.

Cannabis Trends

Aspiring cannabis business owners should keep abreast of the 2020 cannabis trends to market cannabis seeds with generous yields and resinous buds.

Here are the latest cannabis trends this year:

  • Workforce Growth: Because of economic prosperity, along with the legalization of cannabis in 33 states, Puerto Rico, the District of Columbia, and Guam, has led to dramatic growth in the marijuana industry workforce. Cannabis companies allow their employees to undergo comprehensive training and continuing education, taking into account ethical selling practices.
  • Digital Transformation: Now more than ever, data-driven decision making is utilized by the cannabis industry, including social media, e-commerce, and other digital technologies.

Getting Marijuana Card

If you’re planning to set up a local cannabis dispensary, one important thing you need to know is how your future customers can get a marijuana card. As of 2019, there are 33 states in the United States that legalized medical marijuana and each state has various legal frameworks.

Both business owners and consumers must be aware of all local cannabis requirements, and rules, and regulations before getting a marijuana card and purchase medical cannabis. Qualifying conditions apply, and you should be aware of them for a more successful cannabis business.

Cannabis Laws Concerning Local Dispensaries

Once you have determined the legality to establish a local medical cannabis dispensary in your area, you also have to research local zoning laws. A local dispensary is a business that would need to be found in a commercial zone.

For instance, many cities in California don’t allow opening local dispensaries within 1,000 feet of a school, library, and park, and within 500 feet of residential areas. Knowing the appropriate permits, you need to obtain and other documents before starting operation will save yourself from the hassle of complying and dealing with legal obligations and penalties later on.

Cannabis Expertise: Hiring the Right People

Like in the United Kingdom, cannabis is a booming industry in the United States. That’s why a successful cannabis entrepreneur should not only be knowledgeable in the business aspects, but also in the production of cannabis cultivation. While you probably have tried growing your own cannabis strains, mass production is a lot different.

If you’re too busy with your business, hiring the right people is a good idea. Luckily, cannabis jobs are increasingly becoming in demand, and a lot of people are interested in starting their careers in this industry.

Here are the most in-demand cannabis jobs today:

  • Budtender and Dispensary Manager: Every year, the cannabis industry grows 34 percent, which can reach about $146 billion by the year 2025. Dispensary staff highly in-demand, but only half receive proper training. That’s why investing in development programs and training is crucial for a cannabis entrepreneur.
  • Trimmer: Of course, if you’ll be selling cannabis seeds and buds, you need to hire an expert cannabis trimmer who will prune marijuana plants without causing harm.
  • Cannabis Brand Ambassador: Hiring a brand ambassador allows you to market your cannabis products and build a solid client base. Brand ambassadors connect with potential customers in stores, social media, or trade shows.
  • Director of Extraction: Vaping is considered the fastest way to consume cannabis. That’s why cannabis concentrates on making a multi-million product alone. Because this product would require extraction, you need to hire a Director of Extraction who will manage the production of marijuana extracts and quality control.
  • Lab Technician: With the legalization of cannabis, lab testing is usually sought to ensure top quality. That’s why the legalization of weed has created a high demand for lab technicians, which involve working with high-tech equipment and chemical solvents.
  • Compliance Manager: Because cannabis products are subjected to several health and safety regulations, such as under the food and drugs or FDA, your cannabis business should have a compliance manager to ensure that all paperwork are handled and that effective tracking software is used to ensure a hundred percent compliance.

Cannabis Target Audience

Cannabis entrepreneurs should have a good business plan, which includes the target audience. What type of consumers do you intend to attract? Do you want to cater and specialize in selling cannabis buds for recreational or therapeutic purposes or both?

By identifying your target audience for your cannabis business, you can create better sales and marketing strategies. Social media marketing, email marketing, video marketing, and patient education are some of the best ways to promote cannabis products.

Conclusion

If you want to have an in-demand and successful cannabis business one day, it’s important to keep yourself knowledgable of the cannabis laws in your state and the local area. It’s also important to identify your target audience to ensure effective sales and marketing strategies.

Make sure to get the necessary business permits and licenses and hire the right people to help you kickstart your business. Also, knowing the latest cannabis trends will help you implement the best technologies and methods in cultivating or manufacturing cannabis products.



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