Upcoming Cannabis Business Opportunities in Other States
Cannabis Business Opportunities in Other States
If you are interested in building a cannabis business in a state that doesn’t have its own page or is currently still in the process of legalization, we can still help you.
These states are currently less active than others with heavy activity from emerging or expanding programs, but we can help you navigate and evaluate opportunities that do exist in these markets.
We have helped successful clients in 29 states across the country — from Alaska, Nevada, Texas, and Arkansas, to Iowa, Maryland, Delaware, Rhode Island, and beyond. Our team members constantly travel to states across the U.S. to work with clients, meet with regulators, speak at industry events, and stay up-to-date on industry changes.
There is Still Plenty of Cannabis Business Opportunity
The cannabis industry is by no means oversatured. Industry news may lead you to believe that it's incredibly difficult to get into the industry today, but that couldn't be further from the truth if you have the right consultants at your side.
"The industry is about 5% of where it eventually will be."
-Jay Czarkowski, Founding Partner
Patient counts are steadily -- and sometimes rapidly -- increasing in medical marijuana markets, and a growing number of states are looking to implement adult-use programs.
Each state has its own set of regulations, which can make entering the industry a daunting, confusing, and risky venture. Our experts guide cannabis entrepreneurs on where to start and how to succeed in this highly-regulated industry.
How We Help Cannabis Entrepreneurs
Identifying opportunities and leading you through evolving stages of state cannabis program development
The states without separate pages at this time fall into these categories:
Cannabis legislation or ballot initiatives are in their very early stages and will most likely see programs take shape or have Requests for Applications released within one year.
What You Can Do Now:
Self-education and beginning your pre-license positioning early will give you a competitive advantage in these upcoming state markets.
ESTABLISHED / MATURE MARKETS
These states already have an established, operational cannabis program, either medical and / or adult-use.
What You Can Do Now:
The best route for acquiring a business license in these state markets is to buy an existing one or to find a supportive locale currently issuing permits.
LIMITED / INACTIVE MARKETS
These states have a very limited medical cannabis program, or no program or activity, at all.
What You Can Do Now:
The best way to get involved in an inactive state is to participate in or initiate advocacy efforts. Educating yourself about your state's current cannabis legislation and staying up-to-date on any potential program progress will also benefit you and give you a head start when activity does start up.
How We Can Help Now:
Market Overview and Learning Sessions with our Subject Matter Experts
U.S. Cannabis Industry Projections
Growth in Industry Spending
The cannabis industry has seen a tremendous level of growth in the past few years and continues to expand rapidly. If you're thinking of investing but unsure of your states legal status, here are a few backing figures to prove how much room the industry has to grow.
U.S. Medical Market Combined Spending:
2017: $5.3 billion
2022: $7.7 billion
U.S. Adult-Use Market Combined Spending:
2019: $4.7 billion
2022: $7.6 billion
Emerging Medical Markets Combined Spending (2017-2022):
2017: $291 million
2022: $3.6 billion
Emerging Adult-Use Markets Combined Spending CAGR (2017-2022):
The Canna Advisors team of experienced cannabis consultants can prepare you to take advantage of cannabis industry business opportunities and guide you through a daunting series of strategic choices for your business. Contact us today to get started. Your success is our focus.
Source: 'The State of Legal Marijuana Markets' by Arcview Market Research / BDS Analytics, 6th Edition.
YOUR BUSINESS SUCCESS IN YOUR STATE IS OUR FOCUS.
Lean on our proven state-specific expertise and successful track record start or expand your cannabis business.