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Although it may appear that no aspect of the cannabiz will be left behind in the wake of state and then federal legalization, the landscape of the cannabis industry in Nevada and America at large is nuanced and can verge on the treacherous. As the industry is still federally illegal, there is very little historical and market data at the disposal of entrepreneurs and business owners looking for insight into the budding marijuana industry.

To that end, ganjapreneurs should be working with a team of advisors or consultants with experience across a variety of industries to ensure the success and longevity of their brand.

Leveraging technology to improve manufacturing and packaging standards

According to early industry reports and analytics, the LEGAL cannabis market was worth between $6.6 and $6.7 billion in 2016, up from $5.4 billion in 2015. Through the efforts of ambitious entrepreneurs—and with the aid of technology—cannabis products are getting modernized, revamped, and rebranded to appeal a broad new audience of more than 100 million adults in America that have access to legal marijuana.

These efforts are beginning to come to fruition, especially for product manufacturers who have been able to launch lines of extracts, tinctures, topicals, concentrates and other products that have reduced the demand for traditional marijuana to less than 56% of the cannabis industry.

Remember patients in the wake of recreational growth

One of the unique dynamics shaping the development of the cannabis industry is its proximity patient advocacy efforts and helping those who need marijuana for medical reasons. In every way, it was the medical marijuana patient who enabled the legitimization and the growth of the cannabis industry both in America and abroad.

Moreover, medical consumers currently make up the vast majority of marijuana users, but that ratio is expected to change as new recreational markets launch in America and Canada.

Medical marijuana patients and brand loyalty

One of the unique dynamics shaping the development of the cannabis industry is its proximity patient advocacy efforts and helping those who need marijuana for medical reasons.

In every way, it was the medical cannabis patient who enabled the legitimization and the growth of the cannabis industry both in America and abroad. Furthermore, medical consumers currently make up the vast majority of industry consumers but that ratio is expected to change as new recreational markets launch in America and Canada.

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