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Cannabis Start-ups are Flourishing – Here’s Why You Should Consider Joining the Green Rush
To start with, let’s take a look at the current state of the cannabis industry. This industry has never been as booming as it is right now. More importantly, the legalization of marijuana for medical and recreational use is a growing process.
The medical use of cannabis is authorized with a medical prescription in 37 states, the District of Columbia, and four out of five permanently inhabited US territories.
Recreational use is legal in 21 states, and 10 states have decriminalized it. In other words, the legal constellation is changing and gradually accepting CBD (the non-psychoactive product) as a new product on the pharmaceutical and recreational market.
It would be a pity not to jump on the CBD bandwagon. Still unsure whether a cannabis start-up makes sense in 2022 and 2023? Here are 5 reasons that prove it does.
The Health Benefits of Cannabis
There has been a lot of research into cannabis in the past few years, especially regarding its health benefits. CBD has been found to have a wide range of potential medical applications, including relieving pain and reducing inflammation and nausea.
And unlike THC, CBD does not produce a high or interfere with your mental clarity. With this in mind, cannabis start-ups can support chronic pain patients, anxiety sufferers, cancer patients undergoing chemo, IBS individuals, and even depressive disorders.
The Business Opportunity in Cannabis
Cannabis start-ups are flourishing, and it’s not hard to see why. First of all, there is a huge market for cannabis products. In 2016, sales of marijuana exceeded $7 billion in North America alone, which is expected to grow and add around $155 billion to the US economy by 2026.
In 2020, North America accounted for almost the entire legal cannabis sales market in the world, and the demand is growing for more.
You Can Start With a Small Team
The idea of a cannabis start-up may seem daunting, but it doesn’t need to be. Cannabis is not a hard industry to break into, and you don’t need to hire a huge team to get started.
In fact, you can streamline your start-up with strategic planning and tech so you can get cracking with a limited team. Automated tools can manage most of your client and supplier interactions, saving you time and effort for tasks requiring human intelligence.
Additionally, indoor grow rooms can also be set up for total environment control, which means you can manage temperature, watering, and air quality via technology.
The Diverse Products and Markets
One of the reasons that cannabis start-ups are flourishing is because of the diversity of products and markets. For example, CBD (a non-psychoactive compound found in marijuana) is growing in popularity for its medicinal benefits not only for people but for pets too. Additionally, CBD can be consumed in many ways, from topical application to digestible products.
The Growing Awareness of CBD
Legalizing marijuana has helped transform opinions about the plant and its use. The idea that weed users are similar to drug users is dying out as more and more people reach out to CBD for its benefits. As the compound is non-psychoactive, it also contributes to the positive shift we notice in public opinion.
Cannabis is one of the best business opportunities for entrepreneurs, offering a unique prospect for those who want to make a difference in the world. CBD’s huge medical benefits for a variety of conditions and the growing acceptance for it make it the gold mine of the 21st century.