The cannabis industry represents one of the most exciting, yet challenging markets within which to do business. In the few short years since states like Colorado and Washington voted to legalize adult-use cannabis, the industry has grown exponentially in size, scope, and sophistication. With so much change at hand, many cannabis companies are still learning about what exactly it takes to find, as well as sustain, success.
While the early days of legal cannabis were met with skepticism by much of the business world, today’s numbers are tough to ignore. According to the industry news source MJ Biz Daily, the “combined U.S. medical and recreational cannabis sales could reach $33 billion by the end of 2022, largely driven by the opening of new adult-use markets.” They continue, “retail cannabis sales are projected to be upwards of $52.6 billion by 2026.” With so much growth at hand, the cannabis industry sees the rise and fall of new businesses on a near daily basis.
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