Washington DC dominated medical cannabis news late last week, with lawmakers finally choosing six groups to grow medical marijuana in the nation’s capital.
It’s a positive sign for the industry on several fronts:
#1. This moves DC one big step closer to officially starting its medical cannabis program after a long delay. Observers are tentatively optimistic that dispensaries will open soon – officials are set to name the locations for MMCs on June 8. While delays are par for the course in DC when it comes to medical cannabis, this development could signal that the Health Department is committed to following through with the plan.
#2. The market is finally starting to develop for vendors that provide everything from legal and accounting services to grow equipment and MMJ business software. The groups selected to cultivate will need a host of products and services, creating a new market and a wealth of new opportunities.
#3. This could help convince other states/areas to move forward with medical cannabis programs. The recent federal crackdown brought some MMJ efforts to a standstill, and it could derail attempts in other states to legalize medical cannabis. However, if the nation’s capital continues to develop its program, lawmakers and officials as well as voters in other areas might feel more at ease doing the same.
Also last week, we published the first column in a series by the CEO of weGrow – one of the businesses capitalizing on the DC market – about making money in medical marijuana. The first step: Minimize risk as much as possible, or you could find yourself in a whole heap of trouble.
Of course, even the most conservative dispensaries face huge risks.
But this shows just how important it is to do everything by the books and avoid potential problems before they materialize. Let the government pick the low-hanging fruit (MMJ businesses that aren’t following local regulations, dispensaries located close to schools, etc). Check back later this month for the second part in the series.
Other top stories in MMJ Business Daily:
Michigan Supreme Court to Decide Fate of Dispensaries
Los Angeles MMJ Workers Form Union, But Will it be Effective?