As the first anniversary of the legalization of recreational marijuana in Colorado approaches, those involved are making it a priority to change the face of the industry. The push is for the “stoner culture” stereotype to be removed and for the industry to gain a new meaning. The dream is for the industry to be recognized as a true business with true business people that are hard at working operating these companies.
For example, former commercial banker, Brooke Gehring, now operates two different businesses: Patient’s Choice of Colorado and Live Green Cannabis. $3 million later, she converted a furniture warehouse into a grow house. With 5,000 plants, Gehring expects to reach $10 million in sales this year.
It may come as a surprise, but Gehring’s grow house is situated across the street from a police station. She says that it serves as a security measure. At the same time, you can’t help but notice the symbolism of the industry wanting a chance to be viewed as an honest and upfront business.
With the exciting movement for the industry going from the “new kid” to “experienced businessman” comes some legitimate concerns. In order for the industry to continue on this respectable, honourable path and to thrive, regulations must be set and followed religiously. The thought that the federal government could come in and shut things down at any time has motivated those on Colorado’s state advisory panel to carefully write regulations.
The biggest concern of all is that people who do not manage their business will overproduce, have nowhere to sell it and turn to the outside, unregulated market for buyers. According to a report by NPR, it was confirmed that the Mexican cartels are buying Colorado pot and bringing it into Mexico.
For now, Colorado is moving to put regulations in place that will help the industry grow in a healthy way. The biggest issues at present are the competition with the black market and the need for the federal government to jump on board with legalization.
Can you relate to the industry’s need to grow and be recognized? With high risk still being an issue for the industry, marijuana merchant accounts are still the best option for those looking to enter the business. Let a marijuana merchant account provide you with a safe and efficient means to operating your business.
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