The cannabis business is one of the most lucrative ventures we have in the U.S. Even as other businesses suffered a blow in 2020, the cannabis industry had a breaking record moment. That shows how resilient this business can be regardless of any global and economic disruptions. Even in 2021 and the future, this industry will, without a doubt, continue to be a bull market.
But if you are setting your foot into a new market, you have to carry out some in-depth research. Cannabis markets are not equal. The market structure often varies depending on the legal status for consumption and sale of recreational cannabis in a state. For example, California and Colorado, where it is legal, have monopolistic competition. But in other states where it is not legal, the market structure represents an oligopoly competition.
This article looks at factors you should consider and questions you should answer to determine the best market for your new cannabis business.