Now that 5 new states legalized either medical or recreational marijuana programs, it is the perfect time to brainstorm some legal marijuana business ideas. This recent election especially opened up business opportunities for marijuana cultivators. With that, some of these new marijuana markets provide better opportunities than others.
Let’s take a look at what markets are the best for your legal marijuana business ideas.
5 New States With Marijuana Business Opportunities
To begin with, the five states that legalized marijuana programs include Arizona, New Jersey, South Dakota, Mississippi, and Montana. Arizona, New Jersey, South Dakota, and Montana all legalized recreational marijuana programs while Mississippi legalized a medical marijuana program.
With that, Arizona and New Jersey are the states to look out for as their markets have large state populations. New Jerseys market is especially interesting as it offers incredible conditions for marijuana cultivators to grow products.
Our cannabis business consultants are here to explain the best new markets for marijuana cultivation.
Legal Marijuana Business Ideas in Arizona
Arizona is a market to keep an eye on. The potential for this market is high as it is possible to build huge cultivation and processing centers indoors. Also, this state has a population of more than 7 million people. Also, the state already has some indoor cultivating centers in operation.
According to Marijuana Business Daily, the state will generate $760 million in annual recreational sales by 2024.
Keep in mind that many cultivators already exist within this market. So, obtaining a cultivator license in Arizona may be more competitive. Our CEO, Michael Mayes, at Quantum 9 claims that this market is on track for producing a great deal of profit but it is a competitive market for new operators.
Arizona’s market is on track to develop quickly. Medical marijuana operators are able to apply for dual licenses between January 19, 2021, and March 9, 2021.
Make sure to contact our cannabis consultants so you can win a dual license in Arizona.
Legal Marijuana Business Ideas in New Jersey
New Jersey’s population is even higher than Arizona’s as it has 20 million residents within the state. Additionally, this state neighbors populated states such as New York and Pennsylvania. New Jersey is on track to generate $1 billion by 2024.
New Jersey is a profitable state for any new legal marijuana business ideas you may have. Mayes of Quantum 9 has concerns about how the two dozen MMJ licenses that were available in the third round of approvals are still swamped in lawsuits. This is not good for new growers.
With that, these new marijuana markets are still extremely profitable, and winning a license in this state would provide some big bucks. Make sure to contact our successful cannabis consultants at Quantum 9 so that you can operate a cannabis business in one of these states.
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