It is undeniable that getting into the legal cannabis industry has incredible potential. The industry is projected to do roughly $8 billion in revenue by 2018 and profitability can come fairly quickly—62% of cannabusinesses said they were profitable within 12 months in a recent Forbes article.
Opportunities are endless and range from medicinal dispensaries to software programs and everything in between. If you are interested in growing medicinal marijuana as a startup farm, you are in good company. Cultivation is listed as the top investment cannabis business according to the Marijuana Business Factbook 2014.
Starting a medicinal marijuana farm, whether indoors or outside, can come with risks and unexpected outcomes. While startup costs can be affordable for the smaller operation, larger farms can quickly become expensive. There are licenses to apply for, facilities to find or build that meet extensive building codes, laws to understand, regulations to meet, and employees to hire for the labor-intensive care required to be successful.
Profit margins could vary based on whether you have a poor crop, need to drop prices to stay competitive, or any other potential problems that can arise. While most medicinal cannabis entrepreneurs are optimistic, the news is full of potentially unexpected issues that can creep into a marijuana grower’s prevue. Most recently, one business in Illinois recently gave up its license to grow medicinal cannabis because of the lag in patient approvals. And, in Utah cannabis producers are facing a concern brought forth by a DEA agent about the impact of marijuana on animals who could eat the plants.
Sixty-two percent (62%) of cannabusinesses are profitable within 12 months. That means 38% of such businesses are likely to take much longer to succeed and could potentially fail.
How prepared are you and your employees?
At the end of this week (March 6-9), Oaksterdam University—the leading medicinal cannabis college in the United States—will be in Las Vegas, Nevada, with its world-renowned Cannabis Horticulture Seminars. In the four days that it will take to complete this intensive indoor horticulture seminar, participants will learn cultivation law, vegetative growth, organic horticulture, yield maximization, grow room design, electrical safety and lighting, pests and pathogens, strain selection, basics of soil science, and much more.
There will be opportunities to learn from the best professionals in the cannabis industry including OU’s Executive Chancellor Dale Sky Jones, who will be making a special appearance to teach cannabis science and CBD. She is also the Chairwoman of the Board for the Coalition for Cannabis Policy Reform, was the spokeswoman and legislative liaison for the Prop 19 Campaign in California, and is on the boards of directors for Californians to Regulate Medical Marijuana.
Pharmacists Dr. Duke Fu and Dr. Amy Fu and Physician Dr. Bruce Fu—all OU alumni—and the founders of Green Therapeutics, a new Las Vegas company, will be on hand. They have partnered with OU’s Lead Horticulture Instructor Joey Ereñeta to produce top-shelf, medical-grade flowers, extracts, edibles and topicals using sustainable, organic methods.
Professionals from Jane’s Brew will be in Las Vegas too. Jane’s Brew, which manufactures and sells a variety of cannabis infused gourmet coffees, teas, hot chocolates and edibles, is recognized for its best business practices and recently won the Hempcon Cup 2015 for Best Edible and Connoisseur’s Choice Best Edible for its gourmet creamer.
Won’t You Join Us?
Whether you’ve been growing for years or you’re just starting out, these seminars will help you learn or confirm the best practices for growing amazing medical cannabis and being a successful cannabusiness. Certification is available.
Oaksterdam University Horticulture Seminar
Time: March 6 to 9, 2015
Place: The Four Queens in Las Vegas
Seating is Nearly Filled! Don’t Wait To Register!
Call 510-251-1544 or Register Today!