What is the Current State of the Cannabis Industry?

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Since the past few years, there have been major advancements in the cannabis industry and we can see it emerging as a new field of interest for entrepreneurs. With the legalization of cannabis in multiple states and countries, the industry has been anticipated to reach the heights of success.  

The future of cannabis seems far brighter than its past, however, building a business out of cannabis is not an easy row to hoe. For instance, there are many different kinds of ambiguities regarding this business all over the world. The success of this business requires passionate entrepreneurs with the goal of improving access to cannabis based products of different kinds.

Challenges In The Way Of Cannabis Industry

Stepping into the cannabis industry as an entrepreneur is not an easy job and comes with some potential risks. We will be discussing these challenges in the following paragraphs.

-       Cannabis Industry; An Ever-Changing Landscape:

With continuing advancement, cannabis companies have to continuously acclimatize themselves to an ever-changing landscape. The integrity of this landscape is dependent on the legality of the drug, since different states and countries have different laws regarding the legality, utilization, distribution, and growth of cannabis.

It is quite challenging to build a cannabis-related business or to invest in some cannabis-related businesses as one is not sure what regulatory change in the future would take place and whether this change would aid in the business or bring a downfall. It is just like walking through a minefield. As the legal cannabis companies are becoming popular with time, other more established companies which are not related to the cannabis industry (for example alcohol and tobacco industries as well as pharmaceuticals) are getting involved in more significant ways. These industries have been investing in cannabis business on a huge level. This way cannabis companies are getting empowered through these more established industries.

-       Payment processing issues:

Banks are always very cautious when it comes to working with high risk industries such as cannabis. Even if they do work with cannabis companies, they may charge extra fees. Therefore, it gets very difficult for cannabis companies to operate in such situations.

-       Saturated markets:

Due to the rapidly growly cannabis industry, new companies fight to differentiate themselves in a market which is becoming oversaturated with lots of competitors.

-       Customer Misconceptions:

There are different misconceptions amongst people regarding cannabis industry which has become a huge hurdle in the way of the success of various companies associated with the business. Most customers are cannabis-naive and are not familiar with the difference between hemp-derived Cannabidiol which contains less than 0.3 percent THC (the cannabis compound that makes you high) and marijuana-derived Cannabidiol, which is obtained from cannabis flowers.

Opportunities Offered By the Cannabis Industry:

With its legitimization, Cannabis industry has become a platform of employment for thousands of people. It is estimated that by the end of 2021, cannabis industry is expected to provide 414,000 jobs in the United States according to an ArcView study. The number of cannabis jobs are increasing as more states are legalizing recreational marijuana. There are specific jobs which are essential to run a business. The cannabis industry offers a number of jobs which include:

1.     Bud Trimmer:

The job of bud trimmer is to cut marijuana plants during the harvest season. “Trimmers manicure the plants to remove all the excess foliage and trim them down to the buds,” says Kyle Dukes, board member of San Diego Cannabis Industry Association. According to him, it is a great job for beginners. This requirement of this job is speed, precision, and a careful approach that minimizes waste. Trimmed buds then get sorted, weighed, and dried in preparation for sale at dispensaries.

2.     Budtender:

The job of budtender is to help customers in choosing the best strains of cannabis according to their specific needs. Budtenders are employed by cannabis dispensaries to assist customers in their purchases. Anyone interested in this job should be a good listener and have excellent customer service skills. The person should have an adequate knowledge regarding different strains and should know the difference between Sativa, Indica, and hybrid strains and understanding how different levels or combinations of THC and CBD might affect someone. In addition to this, budtender make sure that the products are adequately stocked.

3.     Edible Maker/ Baker:

Companies that produce edible cannabis products require skilled chefs that can help create various food items with marijuana extracts for example candies, chocolates, baked treats, soda, coffee, tea, and all kinds of other food items at precise doses.

4.     Master Extractor:

It is the most highly paid job in the cannabis industry due to a rare combination of expertise that the job demands. Master extractors oversee the production of safe and effective oils. They accurately extract precise amount of chemicals while adhering to strict safety standards and government regulations.

Other cannabis jobs include:

·      Master grower.

·      Dispensary manager.

·      Extraction Technician.

·      Marijuana Courier.

·      Packager.

·      Tester and quality control inspector.

Conclusion:

Although the cannabis industry is growing and expanding because the utilization of the drug is becoming more acceptable in many countries around the world, companies will constantly face challenges that can sabotage their growth. This would make it difficult for investors and businesses to get the success they are looking for. Therefore, it is important for them to catch up with the constantly changing laws and put themselves in a position where they can get easily acclimatized to them.

Before starting a business in cannabis industry, one should keep in mind all the challenges that can be encountered during the journey. If you want to run a successful cannabis company and beat your competitors, you need to learn to tackle the challenges that come your way. For this purpose, it is better to get some professional assistance in order to feel confident while doing this business. Last but not the least, companies need to stay connected to the industry to stay ahead of their competitors and should be vigilant in producing anything new that might bring a downfall upon their business.

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