The November elections propelled the legal cannabis industry forward, with eight out of nine marijuana initiatives passing. Four states (California, Maine, Massachusetts and Nevada) voted to legalize and regulate marijuana like alcohol, and four states (Arkansas, Florida, Montana and North Dakota) voted in favor of medical marijuana initiatives. The only state to fail to pass new cannabis legislation was Arizona, where adult-use legalization was on the ballot.
This election has been cause for major celebration. Eight states now have legalized adult-use, and well over half the country now has legal medical marijuana programs. States with newly legal adult-use programs have ended marijuana policies that have cost millions of taxpayers’ dollars and put tens, if not hundreds of thousands of non-violent “criminals” behind bars (while failing to curb the black market). And new medical programs hold the promise of helping families struggling to find relief for their loved ones — whether a child with Dravet syndrome, a parent with cancer, a close friend with HIV, or any of the plethora of other ailments with which marijuana can help — and will positively change the lives of thousands and thousands of patients across the country.
But there is another aspect to this landmark election year. Those pondering a way to cash in on “the green rush” just got a major fire lit under them. And it feels a bit like standing on the shore of the industry while a tidal wave swells on the horizon. As an example, I just returned from the Marijuana Business Conference and Expo in Las Vegas, where attendance nearly doubled in just one year — jumping to 10,881 attendees this year from 5,561 last year, according to the show organizers.
I admit to having a dichotomy of feelings, watching the swell approach. I am highly optimistic as prohibition continues to be whittled away. I also feel the excitement of new states coming online, and the ensuing potential for cultivation businesses. Still, I can’t help but feel a bit wary of all the hands reaching into the pot (pun intended). And since many people have the (mis)perception that cultivators are all rolling in dough, many of those hands are, of course, reaching in this direction.
While this means more opportunities, support and financial options will exist, caution and due diligence are essential. Research, ask for and check references, and even do background checks on your vendor-partners — especially financial partners — as industry advisors have suggested. Developing a network of peers is more important than ever, as is seeking out business guidance to help you make sound decisions during what, at times, can feel like chaos.
Despite some apprehension, though, the positives surely win out. We are all part of history, witnessing and playing our part in the end of prohibition and the development of what the Huffington Post cited as the fastest-growing industry in the country (based on data from ArcView Market Research).
We also might fear the potential impact our president-elect, vice president-elect and Trump’s pick for attorney general may have on the industry; but, in my opinion, for whatever it’s worth, this train has left the station, gained serious speed and will be one hell of a thing to stop.
