Sixty-two percent of Americans favor legalizing marijuana, based on a PEW Research Center survey, showing a steady increase over the last years. And right now, the demand for medical marijuana in Las Vegas and other states is increasing as well.
In the recent study of STATISTA, $4.5B USD is the maximum estimate of medical marijuana sales in 2018, and with an average price/ounce reaching $320.1 (Nov. 2018) for a high quality marijuana.
So with these figures, there is no doubt that MMJ and cannabis products are a big business opportunity in the USA. Learn more in the following.
Legalized marijuana leads to jobs and tax revenues
There will be more than one million jobs and over $132 billion in federal tax revenue from legalized marijuana across the USA, all that in the next decade, according to a New Frontier Data study.
Legalized cannabis can create new tax revenue for the US government, as it’s predicted to create millions of dollars in payroll deductions and sales tax.
So without even saying, marijuana could create up to $131.8 billion in overall fed tax revenue by 2025, a figure based on estimated 15% payroll tax deductions, retail sales tax and business tax revenue.
And if marijuana would be legalized federally, it would create 782,000 jobs.
Business opportunities for entrepreneurs
The legalization of marijuana in 31 states including the District of Columbia has paved the way for entrepreneurs to open a cannabis-related business and venture into new opportunities.
CBD-based products, which come in many forms, have their proven medical benefits. Unlike its counterpart tetrahydrocannabinol (THC), CBD has no psychoactive effects. It only means that it does not produce the high or alter the user’s mood.
Today, CBD has been accepted in many states that ban recreational marijuana.
The future of entrepreneurs venturing into CBD products looks bright.
In fact, consumer sales can reach up to $2.1 billion by 2021, but some believe it would be almost $3 billion. The main reason behind this is that 15 states permit CBD products only sale aside from 31 states allowing for the sale of CBD-based products and marijuana.
And with less strict regulations on the manufacture, marketing and distribution of CBD, business looks profitable for entrepreneurs focusing on these products.
Each year branding events and product launching are held around the country, paving the way for coaches, PR specialists and event organizers for more opportunities.
In the coming years, there will be more press releases, trade shows, networking events and sponsorship projects as cannabis is entering the mainstream market.
The events that also include after parties are a lot of fun, offering cannabis products and edibles, which can be less traditional than what’s happening in an ordinary exhibit or trade show.
So if you’re interested in entertaining or educating people plus you’re organized, then you might want to venture into event management and press release business. However, events should comply with the local laws and regulations, and you must also have a license.
Dispensaries selling medical marijuana in Las Vegas can also take advantage of the booming MMJ accessories industry.
Manufacturers of these accessories, such as vaporizers, can also benefit from the rising demand in medical marijuana use.
As 21% of US citizens are living in states where marijuana is legal, many of them will need accessories, including bongs, to enjoy MMJ. And for businesses selling these items, they also enjoy the benefit of not needing a license to sell cannabis accessories as well.
According to Greenlane, the accessory industry will grow by 20%, creating a huge demand for better and higher quality products. There is no wonder. MMJ patients are willing to spend a little more on highly functional, personalized, unique and durable cannabis accessory.
So for those entrepreneurs who are creative enough in their product design, they might have an edge over the competition in terms of increased revenue from accessory sale.
Edibles, which can take a wide range of forms, including peanut butter, chocolate bars, cookies, cakes and brownies, are appealing products, especially among beginners that want to try marijuana at a low dose.
In the State of Washington, edible sales increased by 121% in 2017, based on a Headset Analytics study.
Entrepreneurs that want to venture into the cannabis edibles industry, however, should abide by the rules of the state where they’re producing and selling these products.
In addition, they should know their target audience or niche market. For example, they must produce gluten-free, vegan or sugar-free edibles if they want to appeal to health and wellness buffs.
Cannabis industry future in Las Vegas
The industry of the medical marijuana appears to have a bright future. The experts are expecting growth in the regulated industry, and right now, it is bringing more development in the Valley. Speaking of development, Planet 13 Holdings Inc just held its groundbreaking event in Vegas last July. The company announced that they would build the “one of the world’s largest dispensaries.” As a part of a large entertainment center to open in November, Planet 13 Holdings announced its plans of building a 16,500 sq ft of marijuana retail space.