In just two decades, the cannabis industry has evolved from an untracked black-market business to a legitimate industry – generating $10.4 billion in revenues in 2018. The industry’s growth is poised only to continue, with expectations that it will eclipse $25 billion by 2025.
Thirty-three states and the District of Columbia have legalized cannabis in some form, whether for recreational or medical use, and many others elected pro-cannabis governors in last year’s midterm elections, meaning that another big leap forward may happen as soon as this year.
And as these states, such as Michigan, New York, New Jersey, and Illinois, enter the market, there are several key principles that potential cannabis entrepreneurs will want to consider as they prepare to open their doors, join the Green Rush, and thrive.