It is clear that there is no easy path to success when it comes to the cannabis industry. With new businesses popping up around the world everyday, it seems as though it can often be a difficult market to navigate for some.
Across the state of Massachusetts, many believed that since marijuana sales are only a few weeks away, new companies would be ready to sign on. This is not, however, the case, as only a little less than a dozen companies have been set to open by July of this year. One of the main reasons that this has been happening is the slow and extremely bureaucratic system that many of these operations are running on. Many people also have been disappointed in the state as they believed they were going to have access to legal cannabis much sooner. In the fight to make sure legalization happens in Massachusetts, there have been a series of challenges in the way such as banks, landlords, and trying to find available and legal money to borrow to set up shop.
David Torrisi, the president of the Commonwealth Dispensary Association stated that “we’re just at the starting line. It’s going to take 18 to 24 months until there’s a robust retail marketplace. People who want to get into this industry need to be in it for the long haul because it’s going to be a slog getting it established.” Torrisi represents many of the dispensaries that are going to be some of the first to pop up this summer in Massachusetts.
Although this may seem like not enough competition in the market, whats going on currently could actually be considered to be a good thing. With only a few competitors in the market, the industry will be able to grow at a very organic rate, testing out the waters for the first couple of years. Once these businesses and the legality of the market begins to settle, the hopes are that other businesses and more customers will begin to follow as well. But the trouble is that no one wants’s to be the guinea pig and for good reason.
Another issue in the state of Massachusetts that has been a downside to the new market there has been the advent of several towns deciding to choose whether or not they would like cannabis allowed within their municipality. Colonel Boothe, the chief financial officer of Holistic Health Group Inc. stated that “a lot of towns really don’t want us. The vote to legalize marijuana was well over a year ago, and they still haven’t finalized their zoning bylaws. It’s as if they don’t want it to happen. We’re sitting here waiting and waiting.” Many of these businesses have become impatient to how long the system is taking and the potential time it could continue to take before they are allowed to open their doors.
This type of trouble in the industry is something that has been happening since the inception of a cannabis legal market. With new rules and regulations, people are often unsure of how to abide by them and not willing to make the change at first. Over time, however, individuals will be able to get over the hump, to help bring the cannabis market to its full potential in the coming years. The hopes are high that businesses like the ones starting up in Massachusetts, will continue to provide a glimpse of hope for the future of the cannabis industry in the U.S. Only time will tell how well these new regulations and laws go into place.