Canada is now eight months away from legitimizing non-medical cannabis as a legal industry and entrepreneurs from all over are showing up to claim their stake an economy where money almost literally grows on trees. For those unafraid of legal marijuana and it’s stigma-riddled past, this is the chance of a lifetime.
Just the name “Green Rush” riffs on the race to mine Yukon gold 120 years ago. And it’s true that, like the gold rush, some dream-chasers will make it while others could lose everything. But today’s marijuana entrepreneurs are more likely to wear beautiful suits, sip espressos and Bulletproof coffee, and prefer LED technology over oil lamps.
The accounting firm, Deloitte, values the potential Green Rush economy at $23 billion in retail, transportation, security, medicated foods and beverages, taxes, and pot tourism. On top of which, Canadian companies are at the forefront of exporting cannabis plants, cannabis-derived products, and the technology to grow and process it.
Deloitte’s figure is a relatively conservative one because billions of dollars are still batted around the black market, and will be even after legalization. Now, the daunting task remains of turning as much of the illicit market as possible into a legitimate legal enterprise. Good thing most of these modern-day prospectors hold business degrees because there are many federal regulations, laws, and bylaws to navigate along the way.
Six quick ways to tell if you’ve got the right stuff to make Green Rush money:
1. You have a plan for enticing consumers away from the black market. Dealers are crafty business people too, and above all, they’re resilient. Some of them even have ties to criminal organizations.
2. Your business plan doesn’t rely on selling actual marijuana. Only Ontario and New Brunswick have come forward with their retail framework, but if all of the provinces follow suit, only the government will have the license to sell the drug.
3. Your business model highlights price and convenience. Those are the two factors that will draw current consumers away from the underground market, and attract new customers to you.
4. You are a part of or are associated with the cannabis culture and have extensive knowledge and passion for the cannabis plant itself.
5. You’re a compliance-first type of person — even if you put on a “cool” front.
6. Your business model thinks beyond the joint because you know that cannabis-infused products, education, technology, and security (among other things) are where the real money will prevail.
Parker is a cannabis enthusiast to the core who shares a keen interest in listening to what others have to say and understanding what’s important to them. Those who know Parker know that his passion for health and wellness runs deep, and his love of Canada even deeper!