Many in the business community have noticed that legal weed is ascending in this country. Every year, more states legalize recreational marijuana. Most people consider nationwide legal weed to be inevitable.
It could take a few more years as some conservative states drag their heels. It’s the tax revenue that will eventually convince them. The states where it isn’t legal yet can’t help but see how useful it is to allow this minor indulgence if it brings in millions in taxes every year to fund everything from schools to infrastructure repairs.
However, we’re not at the nationwide legalization point yet, and for now, some potential problems still exist. You should consider them before you put up your life savings and dive into this market headfirst.
Possible Farming Failures
Growing weed, harvesting it, and then packaging it generally falls into the agricultural industry. Any farmer will tell you that’s a tough and often cruel niche to enter. You can make a living or even get rich doing it, but you can also lose every cent you have if fate turns against you.
Crops can fail, whether you’re growing them outdoors or indoors. You can grow marijuana both ways, either outside, where the elements are more of a factor, or indoors, where you can use a hydroponic grow method to control things a little bit more.
The crop can fail either way. If you’re growing outdoors, too much sun or rain can sink your efforts, or not enough. You might run into an insect or rodent-related problems.
You also must make sure you have competent employees working for you, and you must have the proper insurance plans in place to protect them. If you’re a worker at a weed farm and you hurt yourself, and your boss did not provide you with an appropriate worker’s comp policy, you’ll have to call a lawyer immediately.
Even if you grow indoors, your climate control system can fail. You’ll need to study up on farming and growing marijuana specifically if you plan to get in on this burgeoning industry.
You can also get yourself tangled up in some legal problems if you try to grow and sell recreational marijuana. For instance, maybe you’re in California, which produces much of the legal weed at the moment that the country consumes. The state grows, packages, and sells not just marijuana but also edibles, tinctures, and other weed-based products.
You need to get a license to grow and sell it, but you also have to make sure you’re operating only within the state’s borders. If you ever try to ship or sell it outside of the state, that’s illegal. That’s true with all states right now, not just California.
As so many individuals find out who try to use weed recreationally, you might be in a legal weed state and buy it at a government-approved dispensary, but then, if you drive across the border, the police can arrest you. They can do that even if you’re going from one legal weed state to another.
Presumably, the laws will change and become less restrictive at some point, but for now, both growers and users must exercise extreme caution.
Sabotage and Theft
Theft can also be an issue. You might get your license and try to grow legal weed, but you’ll need to guard it carefully. You’re growing and producing a valuable product, and someone might try to steal it.
Other weed companies may also attempt to sabotage your crops. Some of the individuals who are selling legal weed now used to grow and sell it illegally. Just because they’re licensed and legit now, that won’t necessarily stop them from trying to thwart the competition if they feel like you are a threat.
Even though these obstacles all sound rather dire, you don’t necessarily need to allow them to stop you from getting into this industry if it interests you. There’s no denying that when there’s nationwide legal weed, this niche will produce billions of dollars for the intrepid individuals who want it.
You need to produce a solid business plan if you want to get the financial backing to enter this profession. You’ll also have to be in a state with legal weed right now.
If you’re not, you must wait until that state’s lawmakers change their attitude. You can also look into creating CBD oil and other products if that’s all your state will allow at the moment.
If after reading this article you are still certain about diving into the Cannabis Industry but you are still not sure how or where to start, don’t worry! we are here to help you in every step of the process, Piedmont Avenue Consulting Inc. has an expert business consulting team who will guide you and solve all of your concerns. Schedule a call today and give the first step towards the growth of your business.