Regardless of where you are on your hemp farming journey, financial planning is as important as your cultivation strategy. Launching a new business comes with a significant degree of risk: About 20% of startups with employees fail within their first year and 50% fail within 5 years, according to the Bureau of Labor Statistics, Business Employment Dynamics. The biggest risk factor? “Running out of money …,” according to Investopedia.
Cannabis sales in Colorado set a new monthly record in May, hitting their highest level since recreational sales began in 2014.
Dispensaries sold $192,175,937 worth of products in May, according to data from the Department of Revenue’s Marijuana Enforcement Division. That’s up about 29% from April and an increase of 32% from May 2019.
One cannabis storefront's executives reported that, at $100,000 a day, sales were only half of what they had been before the lockdown.
The gigantic Planet 13 dispensary in Las Vegas was conceived as a tourist destination as much as a store.
During the nearly two years of federal legalization in Canada, no single cannabis brand has earned more than 41 percent recognition among consumers.
At this moment, the entire country is engaged in digesting the daily chaos of multiple crises. With everything that’s going on, it’s easy to miss some impactful changes. These changes could lead to difficult outcomes for those in the cannabis industry. In order to fully understand how to adapt, it’s important to understand the backstory.
Marijuana legalization in Idaho had to bear the brunt of the coronavirus pandemic. The lockdown forced the state to suspend its medical marijuana campaign. The group responsible for the campaign, the ICC (or the Idaho Cannabis Coalition), failed to collect the required signatures before the May 1 deadline. However, a recent federal court ruling for a separate initiative in the state might have sparked some hopes.
Since mid-March, Cannabis stocks have rebounded 79% from the record low set by the New Cannabis Ventures Global Cannabis Stock Index, yet they remain down 28% in 2020 and 83% since early 2018, days after California legalized cannabis for adult-use.
Some analysts speculate that a majority of cannabis purchases in California still occur in the illicit market.
Newly-elected California Gov. Gavin Newsom’s state budget shows that by the end of June the state expects to collect just $355 million in cannabis taxes, about half of what was previously projected, according to a MarketWatch report.
The potential of medical marijuana is widely known, not only in Canada and the U.S., but also globally. Many patients find that medical cannabis has helped them with certain health issues where conventional medicine has failed, including chronic pain, post-traumatic stress disorder (PTSD), Crohn's disease, and anxiety.
As an increasing number of states reduce the penalties for the possession and use of marijuana, a new movement to legalize the plant slowly gains momentum. Only this time, people aren’t merely advocating health and recreational benefits, but economic growth as well.
