What does your business value more: increase in daily revenue or new customer acquisition? To help you understand how to grow your business’ revenue beyond April 20th, we’ve interviewed three dispensaries on what their recommendations are for turning first-time customers into lifelong customers.
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A recent study reported that Illinois generated $175 million in marijuana sales taxes in 2020, the fifth most in the nation.
Currently, 16 states and Washington, D.C., have now fully legalized marijuana, and 11 have retail sales taxes, according to the study released by U.S. Drug Test Centers. Also, adult and youth usage of marijuana also increased in 2020.
Illinois originally awarded 75 licenses for marijuana dispensaries in 2020, and there is a proposed bill that would more than double the number of licenses and give the poor and minorities a chance to enter the industry after being excluded in the first round, according to published reports.
White business owners overwhelmingly dominate Colorado’s cannabis industry, but the market’s lack of diversity could soon change.
What’s happening: New efforts at the state and local level are moving forward to foster industry opportunities for communities of color that have been disproportionately harmed by the war on drugs.
A cannabis business is a lucrative one, people who manage to succeed in the business reek in so much profit that on the surface, it looks like an easy thing to do. However, the business can be as dicey as it can be lucrative, which is why you need to get yourself acquainted with these tips that will help you grow your cannabis business.
Have a Unique Idea
Legal marijuana is coming to New York and hemp farmer Samir Mahadin sees it as a potential lifeline.
Farmers dealing with depressed prices for plants that produce CBD are eager to take part in a statewide marijuana market expected to generate billions of dollars a year once retail sales start.
They already know how to grow and process cannabis plants, since hemp is essentially the same plant with lower levels of THC, marijuana's active ingredient.
Now they're waiting on rules that will allow them to switch seeds.
As conscious consumerism enters the cannabis world, purchasing decisions may be based more on fair trade and regenerative farming than on orange hairs and THC percentage. With legalization taking hold, the industry has shifted from trying to protect people from the police to trying to protect small businesses from the behemoths that are inevitably entering the cannabis space. But while a lot of support for small cannabis businesses comes out of a concern for the people involved, there’s another party to be considered: the planet.
What’s the difference between stepping inside a neighborhood weed store and retail outlets designed to cater to the alcohol consumer?
Back when cannabis advocates were first successfully moving to legalize marijuana for recreational use at the state level, one of the most popular phrases used to describe what that might look like is “in a manner similar to alcohol.” The gist of the pitch was that upon the legalization of marijuana, there would be a taxed and regulated market put into place — same as the alcohol trade — that would allow adults 21 and older to buy cannabis products close to the same way they might purchase beer at a liquor store.
For the first time that María can remember, half of her marijuana harvest is still in storage on her ranch in Mexico’s Sinaloa state months after it should have been sold.
Sitting in her wooden house tucked into the same mountains that produced some of the world’s most notorious drug traffickers, including Joaquín “El Chapo” Guzmán, the 44-year-old mother of four thinks she knows why: expectations Mexico will soon legalize marijuana.
“It has never happened to us where we harvest and have it (stored) in sacks,” said María, who asked that her full name not be used and her exact location not be revealed because in the mountains surrounding Badiraguato, where organized crime controls everything, misspeaking can be dangerous.
The big news in the cannabis industry this year is that New York has legalized marijuana for recreational use, making it the 15th state to do so. It likely won't be until sometime next year that recreational sales commence, but for investors, it's not too early to start thinking about which companies will capitalize on what's sure to be the next hot market for the industry.
Real estate is one of the more difficult aspects of the cannabis industry. Securing a license is tough but getting your location is even tougher. Each state has different regulations and restrictions, which combined with unique real estate markets makes finding and securing property essential. It’s an expensive endeavor and one in which traditional mortgages aren’t typically an option.
This presentation will focus on the New England and New York area cannabis real estate markets. It will cover the following states: Maine, Vermont, New Hampshire, Connecticut, Massachusetts, New York, New Jersey, and Pennsylvania.
This month just might be the best time in a long time to buy cannabis stocks. Why? Much of the initial excitement about the increased prospects of significant U.S. cannabis reform has waned. With the Biden administration focused on other priorities, some investors could even be despairing that anything will be done.
However, changes that would benefit the cannabis industry are still likely on the way. Other factors are already at work that should also provide momentum. But not all pot stocks are in as good of a position to win as others. Here are my picks for the three best marijuana stocks to buy in April.
When Aram Limsakul’s son and daughter came down with dengue fever two years ago, he gave the children, then aged five and four, a vaporiser to inhale the smoke from his own home-grown marijuana. Within a few days, “their fever reduced, they stopped vomiting and ate for the first time in days”, he said.
When it comes to small business opportunities these days, few phrases give people the old dollar-sign-eyes more than “legal cannabis”.
From states like Michigan where it’s been approved for both medicinal and adult use, to places like South Carolina where legalization has been a popular topic for ballots and voters, cannabis is slowly turning into one of America’s biggest businesses.
You don’t need us to tell you that – Investopedia reports that (as of Nov. 2020) over 340,000 American jobs were devoted to the handling of plants at various stages along the retail cycle, and the industry was estimated at over $13 billion as of 2019.
New Zealand medical cannabis company Puro has kicked off the harvest of its crop, which it claims to be the largest in the country to date.
Planted in December last year, tens of thousands of plants have been grown on the 10-hectare site in Kēkerengū, on the Kaikōura coast of NZ’s South Island (Te Waipounamu). Cultivated under organic protocols, harvesting is being carried out entirely by hand by more than 40 workers over a period of around 5 weeks.
Since the U.S. Food and Drug Administration lifted the ban on growing industrial hemp in 2018, companies developing sustainable products can look forward to a future supply of hemp fiber and oil. The plant material works in numerous industrial applications, including paper making, textiles, bioplastic packaging, flooring, and even a form of concrete.
Long History Of Usefulness
Hemp is the non-intoxicating variety of the cannabis or marijuana plant. For thousands of years, human civilizations have cultivated hemp for fiber. Historians have evidence that people grew hemp in 8,000 B.C. It was also a common crop in Colonial America. As recently as the 1930s, the state of Kansas was one of the biggest hemp producers in the world.
The CBD market has always been a tough place to succeed. And companies experienced yet more hurdles in 2020, as a pandemic and an assortment of lawsuits gripped the industry.
In the face of such strong headwinds, it seems like it’ll also be hard for CBD businesses to grow in 2021. But it won’t be impossible. Despite obvious difficulties, the industry still provides opportunities for well-run companies to establish themselves and prosper.
There are several strategies companies can employ to develop a successful brand in this ever-changing market. But before discussing them, it’s important to understand the challenges that CBD entrepreneurs face.
An Irish start-up has just raised $5.3 million (€4.5 million) in financing to provide loans to farmers in Ireland and across the world to encourage them to grow hemp for use in cannabidiol (CBD) products.
Co Meath-based Greenheart CBD, which was founded by Paul Walsh and Mark Canavan two years ago, uses drones and artificial intelligence to help maximise crop cultivation by continually monitoring plant health.
Cash-strapped governments around the country have found a silver lining in the pandemic-caused loss of tax revenue. Legalized marijuana has provided millions to state and local governments - in some cases, millions more than anticipated.
The ability to raise tax dollars has been a selling point for marijuana legalization from the beginning. Long before the state legislature approved adult-use sales, Illinois politicians hoped marijuana could help the state pay off some of its massive debt. Other states, such as Colorado, have used sales tax dollars to fund schools and public improvement projects and programs.
The American Herbal Products Association (AHPA) has published a lexicon to support the standardization of terminology used in the hemp industry.
As new industries develop, so does associated language and jargon. Sometimes words and terms used have different meaning when applied in other sectors, which can lead to confusion and mistakes being made.
Developed by a working group of the AHPA Cannabis Committee, the lexicon seeks to cover terms used in the cultivation, processing, manufacturing and labeling of hemp, and products derived from it.
Hemp cultivated for seed and grain comprised approximately ten percent of 2020 total U.S. acreage, approximately 14,000 acres, according to data provided by Hemp Benchmarks.
By comparison, Canadian cultivators grew more than five times that acreage, beyond 75,000 acres, the vast majority of which were exported to the United States.
