Marijuana Business Factbook 2019

263 © Copyright 2020, Marijuana Business Daily , a division of Anne Holland Ventures Inc. You may NOT copy this Factbook, or make public the data and facts contained herein, in part or in whole. For more copies or editorial permissions, contact CustomerService@MJBizDaily.com or call (720) 213-5992, ext. 1. Cannabis Testing Labs and Ancillary Firms | Chapter 6 MJBIZDAILY.COM CHART 6.10: Ancillary Services Firms: Sampling Of Annual Revenue From Cannabis Industry By Service Type Cannabis industry-only information services and professional services businesses generated greater annual revenues than their counterparts that serve both marijuana companies and other industries, likely a result of high demand and limited availability of MJ-specific information and professional services. For other ancillary services, firms serving both marijuana companies and other industries slightly outpace their cannabis-only counterparts. Median Ancillary Services Firms Annual Revenue From Cannabis Industry: Serve Cannabis Industry Only: $100,000 Serve Both Cannabis & Other Industries: $75,000 All Ancillary Services Firms: $91,125 Ancillary services companies benefit from specializing in cannabis. While the risks of working in cannabis are still higher than for other industries, ancillary services firms that specialize in cannabis can focus on the intricate details of the industry ― particularly important for services firms that may provide legal or consulting advice to clients. The risks associated with the industry may allow these firms to charge higher prices than firms with diverse focus.