North Carolina Cannabis: Waiting With Your Cottage Business
What To Do While You Wait On North Carolina Legalization
One of the states with potential cannabis opportunity we at Canna Advisors are most excited about is North Carolina. We’re constantly being asked not just about the state of cannabis here but what people can be doing as we eagerly wait for more movement from the Tar Heel State.
Here we’ll give an update on the current medical opportunities in the state, a timeline for its future in cannabis, and what you can be doing with your existing (or planned) cottage industry business now to have the best chance at winning a cannabis license and entering what is eyed to be one of the most lucrative southern states.
The Current State of Cannabis In North Carolina
Previously Failed Legalization Attempts
Going back all the way to 2014, North Carolina has tried countless times to pass a medical cannabis bill. Legislation has been introduced in both the Senate and the House over the years with such bills always failing to get final votes in both chambers. The most recent movement came last year when the North Carolina Senate passed SB 3, which was not voted on in the House.
Decriminalization and Cottage Industries Are Helping
Cannabis is, however, decriminalized in the state. And despite the previous failed efforts towards a medical cannabis program, the state has legalized the use of CBD oil for those with epilepsy. Additionally, the Eastern Band of Cherokee Indians has already legalized cannabis on their lands in western North Carolina, which has put pressure on the state to enact further legislation to catch up with not just the tribe but some of its neighbors like Virginia.
And of course, North Carolina has had an extensive hemp program for several years, overseen by the US Department of Agriculture (USDA). But more on this later.
Timeline For Adult-Use Cannabis In North Carolina’s Future
A Path Paved From Medical Cannabis
When we look ahead, there are several paths to adult-use cannabis legalization available in North Carolina. We think the most logical next step—though obviously no guarantee—is the state at long last creates a medical cannabis program. This has been years in the making and we think with federal rescheduling looming, the growth of the state’s hemp market, and the legalization efforts enacted by the Eastern Band of Cherokee Indians indicates medical will come to North Carolina sooner rather than later.
Business Competition Could Be Steep
But the options for a medical cannabis program being enacted are bountiful. There’s ballot initiatives, state action, and potentially even federal action should cannabis rescheduling speed up towards the end of 2024 and into 2025. Most likely, as we suspect given precedent in the state, legislative action will come first. We do anticipate, however this medical program comes to pass, it would likely be a limited market, so competition for licensure would be steep. Which brings us to what you can be doing now.
Want to Join North Carolina Cannabis? Here’s What To Do Now
As we prepare for the inevitability of North Carolina’s cannabis marketplace, the question arises, what can I be doing to prepare? One of the best avenues now for success would be entering the maturing hemp market.
We often see states favor prospective applicants not only with cannabis business experience, but cannabis industry experience. And if you’re in North Carolina, a transition from hemp and CBD to medical cannabis is an easier move compared to someone with zero knowledge in either field.
From there, you can also begin financial modeling and business planning. All of this—from hemp and CBD to cannabis and THC—is work we at Canna Advisors would be happy to assist with and help you establish your own cottage business in North Carolina.
Contact our seasoned cannabis consultants or book an hourly consultation today.