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Although cannabis remains illegal at the federal level, many states and municipalities have loosened their regulations. As of early 2023, 37 states have approved medical cannabis use by qualified individuals, and 21 states have approved it for recreational use.
As a result, the cannabis industry is growing at breakneck speed, especially when it comes to refined cannabis products. The edible market alone is projected to grow by $25.27 billion from 2020 to 2025 at a CAGR of 21.74%.
While this kind of growth is promising, entrepreneurs looking to take advantage of these cannabis industry opportunities must be aware of their legal responsibilities before getting started.
Business Opportunities in the Cannabis Industry
There are two main categories of cannabis businesses — plant-touching and ancillary. The legal requirements for each type are different, so it’s essential to research the laws around the company you want to start.
Plant-Touching Businesses
As the name implies, plant-touching cannabis businesses deal directly with the cannabis plant from seed to dispensary shelf. All plant-touching businesses must apply for a license to operate legally, and the licensing requirements can vary by region.
Some examples of plant-touching businesses include:
Cultivation and breeding: Cultivators and breeders
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