It’s a green new day! The Connecticut Senate has passed a bill for the legalization of cannabis after several weeks of negotiations between legislative leaders and Governor Lamont’s office. On Thursday, The Connecticut Senate approved the bill. Marijuana possession will be legal July 1, 2021, and retail sales are targeted for May of 2022.
An Ideal Business Venture
The cannabis industry is not going anywhere. During the 2020 COVID-19 economic shutdown, medical marijuana dispensaries were deemed essential and continued to stay open across many states. Being that more states are now seeing the legalization of cannabis, it is an opportune time to start a business in the cannabis industry. According to industry research group New Frontier Data, the market value of the cannabis industry in the United States will reach $30 billion annually by 2025. In addition, as more and more states legalize the adult recreational use of cannabis, the demand for cultivators, manufacturers, and dispensaries will increase exponentially. Furthermore, the rise and sale of products containing THC and CBD stretch across various industries. For example, there are now many beauty products and hair care lines containing cannabis. Even if cannabis is not your direct product, incorporating it in some way may increase your profitability.
Starting Your Cannabis Business
Cannabis entrepreneurs have to obtain special licenses. This process can be lengthy and expensive. However, since the cannabis industry is diverse, many businesses are entering into the arena with their existing skill-set. But they can’t go it alone! Therefore, it’s crucial to establish and maintain beneficial partnerships in the early stages of your business venture. Such professional associations include lawyers, accountants, marketing professionals, and most importantly, a seasoned cannabis industry CFO. While the cannabis industry is a highly competitive and regulated business environment, a virtual CFO with specific knowledge and expertise in the industry will keep your business on track and profiting. Contact Schleidt Works today to learn more about how we can help your cannabis business succeed!