Carving your own path to success will take time. However, bootstrapping instead of raising capital from investors has massive advantages in today's cannabis marketplace.
One of the many ongoing dilemmas that young entrepreneurs with a new business face is acquiring the startup capital to make an impact in their respective industries.
Cannabis is no different.
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.
November is just around the corner, and neither of our presidential candidates are on board with recreational marijuana legalization at the federal level. Even so, there are some nuances to Joe Biden (D) and President Donald Trump’s (R) cannabis policies you should know about. We broke down the top three things every cannabis-enthusiast needs to know about our 2020 presidential nominees.
Trump:
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.
In an era of information, its time to wash our hands of outdated terminology.
America misaligned cannabis for centuries, and the damage to cannabis vocabulary runs deep. Due to these unpleasant roots, cannabis retains unfavorable and ineffective terms. Unfortunately, “strain” is one of the labels which has little relevant scientific value.
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.
