Lead image via Wikimedia Creative Commons
The cannabis industry is one of the fastest-growing new markets in the country, and while hundreds of start-ups scramble to get in on the green rush, many existing canna-businesses are also looking to expand their market share. A recent online survey conducted by Marijuana Business Daily found that 42% of current canna-businesses are hoping to break into new markets within the next year. The majority of businesses who are planning to expand have their sights set on both the recreational and medical markets.
The biggest plans for expansion were reported by businesses involved in the ancillary sector of cannabis sales. These businesses do not handle the cannabis plant directly, but provide services and equipment to companies that do, which means that they face fewer regulations and restrictions than companies that touch the federally-prohibited cannabis plant.
Over half of the ancillary business owners who responded to the survey reported that they hope to expand into an average of eight new markets each. For businesses looking to enter the recreational sector, California and Nevada were the most popular states for these new…