How to Get Started in Florida's Medical Marijuana Industry
Posted on September 30, 2016 by Jeffrey FeilerOn November 8, 2016, there will be a national Presidential election. Also, the citizens of Florida will consider Amendment 2, the Medical Marijuana initiative, on the ballot that same day.
Many Floridians are interested in becoming involved in one of the many potential business opportunities within the marijuana industry. Entrepreneurs observe that Colorado had nearly one billion dollars in marijuana related sales in 2015. Marijuana sales nationally approached three billion dollars. The industry is projected to reach the twenty billion dollar mark in the next few years. Florida is the third most populated state in our country and therefore, has significant potential. With twenty five states plus Washington DC already having Medical Marijuana laws, and with eleven more states having initiatives on the ballot this year, national acceptance of the marijuana industry is becoming mainstream.
People are constantly asking me questions such as how they can get their license or how can I open a business in Florida? Well, at this time one cannot. Depending upon whether Amendment 2 passes this November 2016 and how the Florida Legislature implements that law will determine what possibilities will exist. The question is "when" to get involved? The choices are either to be ahead of the curve and gamble that an industry will develop or to sit on the sidelines and wait to see what happens. Those taking the risks and being ahead will benefit the most if things go well. They risk losing some capital if things do not work out. Those sitting on the sidelines will have to wait on line with the masses and may very well arrive too late to the party.
The Jeffrey Feiler Law Firm has been involved with the evolving marijuana laws and businesses in Colorado since 2009 and in Florida since 2013. Having been involved in a state which went from zero to one billion dollars in business in just a few years has caused us to experience just about every dimension of the laws and business issues having to do with Dispensaries, Growing and Production of marijuana and related products. We also have premier insight as to the direction business is moving nationally and cutting-edge opportunities available in this young and growing industry.
One observation I would like to share is regarding how to get started. Like any business, capital is needed. Realistically, unless you and your group has access to at least half a million dollars it will be very difficult to start a business. People come to me all the time with their desire to open a marijuana business and little money. Most make the false claim that they have a "rich friend" or a "group of people ready to invest". The truth is, they optimistically believe they can find people, friends or family willing to be involved as money partners. However, since they have little personal experience and none of their own "skin in the game", in truth they will find money very hard to attract. To these folks, I suggest that the better course of action is to design a business plan. The Feiler Marijuana Law Firm can assist you to put your plan in writing in a way that makes business sense and reflects the correct legal considerations. This will cost some money, perhaps as much as $50,000 depending upon the complexity of the proposed business. However, it will be worth the investment if it leads to actually obtaining the financing necessary. From there, like all businesses, success or failure will depend upon many factors.
Another observation worth mentioning, is that marijuana related products are changing and evolving. Up until recently smoking green buds was the norm. Over the past couple of years vaporizing oils has become very popular and a significant percentage of sales now involve vapors and products used to vaporize. Why, because it's cleaner, healthier than inhaling smoke and easier to conceal. Also, edible products have gained enormous popularity. They too are cleaner and last longer. The challenge in the industry is to produce homogenous metered dosages and to identify the potency and type of strains one is ingesting. Entrepreneurs who become involved in these segments of the industry are the pioneers of the future. The Jeffrey Feiler Law Firm is here to assist you in these endeavors as well.