There is a medical marijuana program in every state across the United State. However, are all of them working and for the ones that are succeeding, why so? The answer to this question could help other states to improve their medical marijuana program so it can succeed as well. Prior to entering the medical cannabis industry, both entrepreneurs and investors should be well informed as to what would be involved in the ultimate success of the program. If you have created the appropriate conditions as an entrepreneur or dispensary owner, your marijuana products could be flying off the shelves faster than you can restock them. Moreover, as state laws facilitate the sale and possession of marijuana and the patient population become existent, then it will be easier for a medical marijuana program to succeed. The downside that many are facing is that some states have restrictions on qualifying medical conditions, available marijuana products and retail locations. Each state also has different demographics and with the restrictions, the financial possibility and market size is negatively affected.
Now the question is how to figure out the scope of the medical cannabis market and when the medical marijuana program is a profitable one. First, the answer should include a closer and broader look at all the states that have approved or legalized weed. There are quite a number of states that have a medical marijuana program and there are a few that are limited to just CBD programs. This severely limits the level of THC permitted in medical marijuana products. Each state has their distinct limitations and features as it relates to their medical marijuana program. Therefore, success will depend on more than one thing. These programs could be put into segments by looking at a few questions that includes:
- Is there a legal restriction for cannabis flower sales?
- Is there a limitation legally for selling commercially?
- Is it legally permitted to make cannabis products with high levels of THC?
- What are the numbers of retail stores available locally to medical cannabis patients?
- What are the qualifying conditions determined by law?
As it stands now, the states enjoying success in their medical marijuana program are:
Some of the reasons for their success are that they permit commercial sales, allow a wide range of qualifying conditions, allow marijuana flower for sale, allow products with high level of THC and have several dispensary locations conveniently available to patients throughout the state. Most of the states that have legalized weed tend to be restrictive in their medical marijuana program. These distinctive differences between a restrictive system and the opposite can result in the loss of millions or increase in profits for business owners each year. There are two approved licensee in the state of Minnesota right now and each of these companies have seen million dollars of losses in profits. One of the reasons is their restrictive program. Now, that we have laid the groundwork, let’s look at some of the things that make the medical marijuana program in each state a success.
As we indicated before, the size of the cannabis market is essential to the success of a medical marijuana program. The market should have more than 0.5% in patient to population ratio. In fact, it should exceed 1%. In other words, the consumer base has to be there.
Qualifying Medical Conditions
Prior to finding an estimate for the patient to population ratio, business owners and investors must consider the kind of patients allowed to enroll in the medical marijuana program. Each state has their own list of qualifying conditions. It is important that states include more chronic illnesses in order to see success in the program.
Other essential aspects of the medical marijuana program are the size of patient enrollment and the sale of cannabis flower so that there are more options available to patients. Get more details by visiting the Cannabis Training University.