Early successes for clients in Massachusetts
Canna Advisors has worked in Massachusetts since the start of the cannabis industry, and we have been active there since 2012. In fact, we helped our clients win some of the first licenses in the state.
Medical marijuana was legalized in Massachusetts in 2012, and there are 38 registered marijuana dispensaries (RMDs) that have been given final approval to open and operate.
The state is slowly starting to implement adult-use, though sales have yet to begin and the proposed starting date was July 1, 2018. The Cannabis Control Commission has ruled that an independent testing lab needs approval before any adult-use cannabis shops can begin selling products.
Licensing applications for both medical and adult use are on-going, with no deadlines or limits. The Massachusetts cannabis industry is also shifting from a vertical-only to horizontal integration.
With many opportunities to enter the adult-use market in Massachusetts, the Canna Advisors team can help you with local and state applications, recruiting key team members, and connecting you to important industry resources and funding.
The Opportunity in Massachusetts
With a growing patient base and little competition, the cannabis market opportunity in Massachusetts is strong. Additionally, pent-up demand on the East Coast and reciprocity with other states is huge and provides a major incentive for business owners to stick through the initial period of uncertainty.
Business operators will need expert advice to guide them through what proves to be a prolonged start-up process that will require heavy funding and sufficient liquidity to sustain the enterprise through the extended phases.
The Canna Advisors team can help you navigate the uncertainty and heavy regulations and mitigate the risks.
The Conditions in Massachusetts
The new cannabis industry environment merges medical and adult use, and also includes industrial hemp. With the newly-formed market comes somewhat volatile policies and heavy business regulations. The market enjoys a growing patient base, a higher-than-average population already consuming cannabis, and little competition.
The offset to the favorable market conditions are risks related to regulatory conditions and delays in implementation. There is a strong possibility for chokeholds and bottlenecks to form, which will create a longer process for starting a cannabis business and drive the need for strong capitalization.
The Projections For Massachusetts
Number of registered patients
Compounded annual growth rate
Source: "The State of Legal Marijuana Markets" by Arcview Market Research/BDS Analytics, 6th Edition.
A smarter, more strategic approach to state licenses
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