With so many signs pointing toward state-level decriminalization and outright legalization in the U.S., it’s no wonder that aspiring entrepreneurs everywhere are entering the cannabis industry. The growth in this market hit never-before-seen levels in 2018 and some experts expect 2019 to bring more of the same. “Spending is projected to increase to $23 billion by 2022,” according to BusinessNewsDaily.com, which adds there are ever-increasing opportunities for so-called “ancillary businesses” as they pertain to cannabis cultivation and distribution.
For those who are ready to enter the field and run a relevant business, attending the upcoming Cannabis World Congress & Business Exposition (CWCBExpo) in New York City is the best way to learn about what has worked for others. This tri-annual event also held in Los Angeles and Boston brings in some of the biggest names in the industry while giving those looking to learn the chance to meet and greet with those who’ve been there and done that.
What are some obstacles to success and how can enterprising businesspeople learn to spot them before it’s too late?
- Achieving legal recreational possession in the U.S. has been an admittedly slow burn. In New Jersey, for example, lawmakers were poised as of late-March 2019 to approve a major bill that would OK this measure. The problem – and it’s hardly limited to New Jersey – is that taxes, licensing and even an overarching timeline needs to be nailed down. To those who want to make money in the cannabis industry, it would be best to learn about these various hurdles before diving headfirst into half-researched business ideas.
- There’s a lack of understanding within the general public surrounding cannabis, hemp and cannabidiol (CBD) products. This is to be expected, as only 33 states in the U.S. have some sort of medical marijuana program and just 10 states have made it legal for adults to consume cannabis. If you’re serious about addressing shoppers who may harbor unfounded fears, you will want to have a solid education to stand on. Those who attend the CWCBExpo can sit in on workshops like “How to Purchase or Open a Cannabis Business” and see just what has worked for others.
- The cannabis market has a diverse and wide-ranging set of needs. As one recent news report out of Massachusetts put it, growers alone are in need of “underused industrial space, low real estate costs, a network of major highways and in many instances, business-friendly communities eager to increase their tax base.” If you’re an investor who is looking to help upstart businesses build upon any of those aforementioned needs, the CWCBExpo is the place to form partnerships.
About the CWCBExpo
The CWCBExpo cannabis event is a business-to-business trade show for the legalized cannabis industry. It is held three times per year in the largest business, financial and media markets: New York, Los Angeles, and Boston. It is the leading forum for dispensary owners, growers, suppliers, investors, medical professionals, government regulators, legal counsel, and entrepreneurs looking to achieve business success and identify new areas of growth in this dynamic and fast-growing industry.Go back