President Trump voiced support for medical marijuana and states’ rights during his campaign, but Jeff Sessions, his pick for Attorney General, has opposed legalization, and will have the power to enforce the federal drug laws that could send people to prison. This political uncertainty adds a new level of risk to entrepreneurs who already operate in an evolving landscape that requires flexibility and creativity.
If it’s allowed to evolve, the legal cannabis market just in California, could top $4.5B in sales within 3-5 years of the first recreational shops opening there, and over $7B nationwide, according to analysis by Marijuana Business Daily.
The most important protection a company can undertake of course, is to painstakingly comply with state laws and regulations. Beyond that, here, industry executives weigh in on how marijuana entrepreneurs can protect themselves and their businesses in this ambiguous climate.
Michael Bologna, CEO of Green Lion Partners, a Denver-based business strategy firm focused on early stage development in the cannabis industry advises companies to find synergies:
“Companies should focus on aligning their vision with other companies and products that are complementary and allow them to remain agile within the industry’s changing framework to increase the likelihood of mutual success. Examples of these partnerships may be software and data sharing, co-branding products, or joint ventures for vertical integration.” [Read more at Forbes]