Michael Mayes is the CEO of a Chicago-based cannabis consulting firm. He explains how his services can win cannabis licenses for markets that offer marijuana businesses. Quantum 9 offers cannabis consulting services in Wisconsin and other states. Mayes and his team have won many cannabis licenses for business entrepreneurs all over the globe.
With that, Michael Mayes recently spoke with WISN-TV about a potential adult-use market in Wisconsin.
License Acquisition in Wisconsin
As Wisconsin discusses a potential adult-use market, it is important to know that the barrier for entry is large. Cannabis businesses are often difficult to get into as the application process is lengthy and a large amount of capital is necessary for consideration. This is why it is important to work with a reliable cannabis firm if you want to operate a cannabis business.
Quantum 9 charges clients for a range of services which include cannabis application writing and winning licenses.
When speaking with WISN-TV, Mayes states that some companies spend anywhere from $400,000 to $1 million just to win one license. Additionally, the cost to run a cannabis business is also high and annual fees can be expensive.
Average Revenue of Cannabis Businesses
Although cannabis services in Wisconsin may be high, the return on investment is worth it. For example, Mayes has worked on application writing for many business entrepreneurs in Illinois who have won licenses. Additionally, he mentions that stores in downtown Chicago generate $1 million to $3 million in revenue.
As more states legalize cannabis programs, the cannabis business industry becomes more of a reach for smaller business owners. Also, the owner of a CBD and hemp shop in Wisconsin hopes that social equity in Wisconsin gives minorities an opportunity to enter the business.