Legal cannabis businesses are everywhere these days. In fact, marijuana dispensary owners are reporting daily sales amounts of $20,000 or more. And things look like they are going to get even better for years to come as more people have come to accept that marijuana has a lot of health benefits and is capable of providing tax revenues to many cities and states. For certain, there is so much money companies can make with legal cannabis. In fact, in the state of Colorado, the tax revenue for 2014 was more than six hundred million. And this was just for the sale of edible products and marijuana buds. The recreational cannabis had a tax rate of 27.9 percent and so the state collected about a hundred million by the end of 2014. And this figure was more than they made in 2013 for the sale of alcohol. Forty million of that money was scheduled to construct and maintain public schools. Now is the best time for you to invest if you want a piece of this cannabis pie. Let’s take a look at the top companies to profit in the future of legal cannabis.
Most legal cannabis business owners do not have a liability of making too much money. However, when they do make money, there is a real issue with the federal bank oversight since the feds view cannabis as being illegal. So how do you solve this problem of depositing cash and maintaining your business bank account? Many marijuana dispensary owners use the ‘cash only’ system, which is risky because sales can hit as much as $20K per day. Many banks are scared of the risk and wary of what the Department of Justice will do if they open up banking services to legal cannabis business owners. For that reason, one top company has provided a payment device. Mediswipe provides retai.ers with the option of an alternative choice of sales platform or cashless ATM. Customers would pay using a debit or credit card. This would limit the amount of cash handled in the store. The Mediswipe system does not label each transaction with the sold product or business name, but logs it like a cash withdrawal transaction, which is then transferred electronically into the business bank account.
Legal cannabis providers are always in need of lending options and since weed is still considered illegal by the feds, many lending institutions are also wary of providing financial solutions to marijuana business owners. Even with a business plan and marketing plan, budget and niches, it is still not easy to get a small business loan when you are a legal cannabis business owner. Bridging this gap has been easier as angel investors and private equity firms have come to the forefront to offer aid. The Arcview Group is a collection of angel investors that will help those who have a cash flow issue. However, it doesn’t come without something in it for them. There will definitely be a percentage of the profit in it for the investors, but it is better to do it this way as it takes the pressure off and it gives you a viable option. It can be quite expensive to be a member of these groups. For example, the Arcview Group requires you to up an investment of $50,000 and pay an annual fee of up to $5,000. However, the rewards will be worth it.
As with any other business, the legal cannabis business also needs insurance to operate the business. A company called “Cannassure” is offering insurance at every phase of the production of cannabis products; from the time of marijuana growth to cannabis manufactured products. These will be covered against fire or theft as well a s worker’s compensation and more.
Cannalabs.com provides testing services to check levels of THC and CBD; and screening for the presence of pesticides and other plant diseases. Edibles are also tested to make sure that they can be consumed. If you have no testing facility for your legal cannabis business, you can contact Cannalabs.com. Discover more about profits made from legal cannabis businesses by visiting the Cannabis Training University.