Since the legalization of recreational cannabis in 2014, the total sales in Washington state have reached more than $1 billion which is why entrepreneurs from all over the world are considering whether they should invest in growing marijuana legally in the United States. From larger institutions and established organizations to first-time business owners are looking to capitalize on this brand new market. There are a lot of opportunities for business ventures within this recreational marijuana market going forward. So if you want to start growing your own cannabis in the United States, here are some of the things you need to know.
As with any new business, to get started in the marijuana growing industry you will require a lot of ambition. If you are prepared to commit your time and focus to the marijuana industry, you will have to be pretty well-versed in its history as well as any current information, events and the situation of the laws about marijuana in different states in order to be successful.
Educate yourself on the industry
The marijuana industry is changing constantly, meaning that the information that is relevant to today’s sales, best practices, and the legal restrictions may completely change the next day. Full-time development and research efforts are vital to any industry, but the cannabis industry is even more volatile in its changes, so make sure you always keep up do date with all the current news or industry reports.
Create a business plan
Creating a business plan in this industry can be a bit different from what you know about traditional businesses or initiatives. Asie from typical challenges such as competitive research, marketing, financing, operations, you will also have to closely study the marijuana regulations that are state-specific and ensure that your business will not halt because of limitations placed by the laws.
We recommend that you first start your research by consulting with firms in your area, or contact your state’s marijuana governing agency to discuss any changes to the laws or regulations.
Before you create your new marijuana business plan, read more to check if the state you are in requires a license for growing.
Lighting and Efficiency
There is a lot of debate in the world about artificial lighting and which one is the best for marijuana growing. However, recent studies have shown that High-Pressure Sodium – or HPS lights provide a lot more consistent form of lighting for indoor growing.
Forward-Thinking marijuana growing entrepreneur must think about energy-efficiency if they want to successfully grow marijuana. This is why investing in solar today is probably the best option for every grower.
Solar energy is becoming cheaper and cheaper every year- especially when it is at a lot larger and more significant scales. Boulder, Colorado has implemented a new regulation where growers must use energy monitoring devices while also paying a fee for their carbon emissions. Which is why all cannabis growers must start adopting renewable energy sources and more energy-efficient equipment. It has been predicted that the legalization of cannabis will speed up the development and innovation of more energy-efficient technologies and solutions.