Many business owners and entrepreneurs are taking advantage of the booming recreational marijuana industry but may not know the market for medical marijuana is continuing to grow as well. Legal medical marijuana has been around longer than recreational, but it continues to be a need for patients as we learn more about the benefits. It may provide more opportunities to begin working in states that haven’t legalized recreational marijuana, since the laws and regulations are different between the two.
If you are looking to tap into the potential of medical marijuana, we’ve answered some of the basic questions you have about the industry, as well as how to get started with a medical marijuana business.
What is Medical Marijuana?
Medical Marijuana is defined as medical cannabis and cannabinoids that are prescribed by physicians. This means that the user of the cannabis needs to have medical clearance from a physician to obtain it, and can not get in trouble of possession as long as they are following the laws and can provide a medical marijuana card.
Medical marijuana is similar, if not the same, as recreational cannabis, but it is taken for medical purposes. Some of the most common conditions medical marijuana is used for are:
- Chronic Pain
- Nausea and Vomiting due to Chemotherapy
According to WebMD, medical marijuana has not been proven to help all these conditions, but there is some evidence for the therapeutic effects of cannabis for a few of these conditions. It is best to speak with a health professional before pursuing any kind of treatment with cannabis.
Where Can I sell Medical Marijuana?
If you are in the business or looking to get in the business of selling medical marijuana, there is a little more flexibility as to where you can sell and in which states. Medical marijuana is legal in 37 states in the United States, compared to only 19 states having legalized recreational marijuana. Still, just like with recreational marijuana, you need to have all the correct license in place and have a good understanding of the marijuana laws in your state, as well as the states around you.
Below is a map that shows each states marijuana legality. If you want to learn more about the specific laws and even how they handle out of state medical marijuana, you can visit the NCSL website.
How to get Started in the Medical Marijuana Industry
If you are looking to get started in the medical marijuana business, the steps can be very similar as the recreational marijuana business, which you can read more in depth about in our starting a cannabis business guide. But to simplify it, we’ve laid out some of the most important steps here as well.
- Prepare Your Cannabis Business Plan
This step is extremely important when looking to start a cannabis business. Preparing a detailed business plan shows the investors that you are serious about your venture, and you should be able to show them that your company will be profitable.
- Register Your Cannabis Business and Get Licensed
When you register your cannabis business and fill out a cannabis license application, you are one step closer to opening your new business. Making sure you have all the correct licenses and knowing the rules can be make or break for a lot of companies, and if you are found without the correct documentation it could mean hefty fines.
- Find Financing for Your Cannabis Business
Last, but definitely not least, is finding cannabis business loans you can use to help get your company up and running. Opening any business is expensive, and the cannabis industry is no different. Cannabis lenders, such as Canna Business Resources, can help you find the right business loans that work for your company. Instead of making one large payment for things such as new equipment or cannabis real estate, loans help break out the payment into smaller monthly plans.
Keep in mind that there is no perfect way to open a business, and your business plan should be unique to you! No matter how you decide to approach it, finding cannabis loans can help reduce the stress and financial burden it takes on new business owners. If you aren’t sure what you are looking for in terms of financial relief, you can speak with one of our experts. We have the knowledge and industry expertise to find you exactly what you are looking for.