The cannabis industry has made a great stride forward through the legalization of cannabis in many states and the enormous public support for medical marijuana. The collaboration of experts from different fields cannot be ignored, such as the involvement of IT experts in coming up with software that can link all stakeholders of the cannabis industry. However, the challenges are still immense, and the stakeholders are trying hard to overcome the obstacles.
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Stigma
The use of cannabis products is finding wide acceptance, and more people are taking up the consumption of cannabis products through the cannabis Dispensary establishments in their neighbourhoods. However, a considerable part of society is still finding it hard to accept that marijuana is legal in some states. As such, some people still view the use of marijuana, including medical marijuana, as illegal. The same group of people still do associate responsible consumers of marijuana with the crime.
Some employers have policies that prohibit their employees from consuming cannabis, even in their private life.
The challenge of stigmatization makes it difficult for the industry to set up dispensaries in some unfriendly outlets. It also creates difficulties with the transportation and marketing of cannabis products. However, the industry has to continue to expand by establishing more dispensaries, such as the Dispensary in Southeast Aurora Colorado, to serve their clients despite the challenges.
However, the cannabis entrepreneurs and operators understand that it might take time for the industry to be universally accepted.
Changing and Stiff Laws
The cannabis industry is growing fast, but at the same time, the environment under which the industry is operating is continuously changing. The industry is changing mainly on legal matters affecting the growing of cannabis, use, and distribution.
Another challenge is that in the US, different states operate under various laws, thus making it challenging to develop a single document regulating the industry. On the other hand, the industry is trying to adapt to the changing environment through enhanced compliance and educating the stakeholders.
Entrepreneurs are starting their new businesses on a slightly shaking foundation because they cannot predict the future legal changes that will affect the industry. Thus the abrupt and intense changes are hurting the industry without any sign of predictability.
Rapidly Changing Landscape
As the cannabis industry is developing, other industries are taking advantage of the potential of the cannabis industry by establishing relationships with the cannabis industry, making it difficult to know how the law is affecting such relationships.
Other industries such as the alcohol and tobacco industry and companies involved in the manufacture of non-alcoholic beverages strategize on entering the market by acquiring more cannabis firms to sell cannabis in high volumes as they do with other beverage products. The mergers are creating unpredictability in terms of legal requirements, funding and the control of the industry
Conclusion
The cannabis industry is evolving fast, and the use of cannabis for recreational purposes and medical purposes is getting more approval from the young and the old. However, the cannabis industry has to be prepared to navigate the impending challenges that make it difficult for investors to conduct their businesses successfully. It’s up to the industry movers to ensure they are well equipped, through learning and collaboration, to navigate through the challenges.