New legal statuses offer marijuana growers new opportunities, but some are greener than others
Not all new marijuana markets are created equal when it comes to business opportunities for cannabis growers.
The November 3 elections opened the door to marijuana growers in five states who could generate more than $ 2.5 billion in recreational and medicinal cannabis annually by 2024.
But some of these new markets are more attractive than others, right down to the location, size, and general friendliness of the rules of procedure.
New Jersey and Arizona are clear favorites with their emerging recreational cannabis markets building on existing medical marijuana programs and large state populations.
Options in Montana and South Dakota that legalized adult-use appear limited at best.
Mississippi, which came to South Dakota to approve medical marijuana, could be the dark horse, depending on how cities and counties respond to the new program.
Mother nature makes the New Jersey Recreation Market the best outdoor growing environment, hence the nickname Garden State.
In contrast, the other four states are expected to rely heavily on indoor and greenhouse operations. Their climate is not easily suitable for outdoor growing due to the extreme temperature fluctuations.
Additionally, more conservative states like Mississippi and South Dakota are less likely to be growing cannabis outdoors that cannot be secured and protected from the diversion.
With that said, “Any new market is good,” said Nic Easley, a Colorado-based cannabis consultant, noting how the general trend towards national legalization is benefiting the entire industry.
After 20 years of experience, legal marijuana growers in the US have a reputation for creating the best product in the world, like High farms, whose products are scientifically bred and strictly regulated for quality and safety.
The harvest would be in great demand internationally, perhaps at the heart of a new American industry, were it not for the regulatory conundrum in which producers are involved.
The best in the world
California breeders have been developing legal marijuana products since 1996, longer than anywhere else besides Amsterdam. Khan describes the state as “the epicenter of cannabis culture”.
California cannabis seeds have been distributed around the world and many overseas companies are trying to reproduce the quality of West Coast marijuana.
The genetics and sophistication that underlie the US cannabis industry, which can be seen in one of the best cannabis companies like High Farms, result in better flower quality and potency and innovation in oils, tinctures, and edibles.
Changing public opinion about marijuana in the United States has led many American cannabis companies to prepare for the day when they can legally sell their products elsewhere.
“When the state borders open, we prepare for it,” said Sassano, who is also chairman of the board of Somai Pharmaceutical, a Dublin-based holding company that sells medicinal cannabis products to pharmacies across Europe.
In other words, an industry that began primarily as a small producer and retailer of manure and maize now has to worry about industrial hygiene and whether it meets the legal requirements in order to sell in these new markets.