Sentiments about Cannabis in the US are pretty much hooked on the feeling about public, race, crime, and morality. Consequently, these tangled-up sentiments lead to rapid changes in public decision-making towards decriminalizing and legalizing marijuana usage. As a result, the public opinion survey conducted, 91% of Americans provided yes to marijuana legalization in the country.
The Democratic-controlled House passed the ″Marijuana Opportunity Reinvestment and Expungement Act,″ or the MORE Act. This bill would legalize marijuana at the federal level and implement sweeping regulations and reforms surrounding the drug. As of December 2020,
15 states and Washington, D.C., had legalized the medical and personal use of marijuana for recreational purposes. Of the 35 states (and Washington, D.C.) that had legalized or had approved the legalization of medical marijuana. Additionally, 15 states had legalized the use of cannabis oil, or cannabidiol (CBD) – one of the non-psychoactive ingredients found in marijuana – for medical purposes.
The U.S. marijuana industry will generate $85 billion in sales in 2030, according to Cowen analyst Vivien Azer.
As a cannabis business, one will oversee based on a variety of aspects. Various business categories include cultivating, selling, manufacturing, or investing. The type of licensing and documentation your cannabis business is dependent on both the location and the sort of business you want to operate. For instance, someone growing and marketing marijuana to retail businesses may require different licensing and permits than someone running a cannabis dispensary.
Although, many states and localities have restricted the number of dispensaries and cultivators or limit their size. Common barriers to starting a marijuana business include high application fees, strict regulations, and stringent financial reporting and management requirements.
Technological advancements such as blockchain, machine learning (ML), RPA, and many more have the potential to shape and smooth operation in the cannabis industry. Several investments have been made, trusting the era of this budding business opportunity.