While many players in the cannabis industry are a bit hesitant about its future given its still illegal status with the federal government, many cannabis entrepreneurs still see a lot of hope for the future of the industry.
Traditionally, access to banking and venture capital has been difficult for new cannabis businesses. Lately, due to the rapid legalization of cannabis on the state level (8 states are fully legal, 20+ have medical marijuana laws), more opportunity exists for banking and potential investing.
As the cannabis industry in legal states continues to boom in legal states, New Frontier Data, an organization specializing in industry statistics, predicts legal marijuana sales will jump to more than $24 billion by 2025. As a result, some venture capital companies are diving on the opportunity while its here.
While there’s plenty of cashflow coming from the cannabis industry, entrepreneurs have found it to be a difficult road to navigate since investors with deep pockets are few and far between. Limited access to banking and the overall acceptance of cannabis nationwide still holds many back from investing in a cannabis business.
Whatever the future holds, the majority of Americans currently support legal cannabis, and the industry continues to expand state-to-state every year.