You may have heard about the exciting opportunities being created by the legalization of marijuana and marijuana products throughout the country. You may have also heard about the unique opportunities for success that many c-store owners are eager to take advantage of. However, as you are considering venturing into the world of marijuana product sales, there are five really important things you need to know.
Majority of Americans support the legalization of marijuana, but there are rules for who can purchase the products –
64% of Americans in a 2017 poll stated that they would be in support of marijuana legalization for recreational use. This is a major increase from the 12% that supported legalization in 1969, and the number has continued to rise each year.
Despite the overwhelming support for legalization in most states, there are also still regulations for how the drug can be sold, who can purchase it, and how it can be produced for sale. Breaking any of the rules that the states have put in place for the sale of marijuana could result in not only fines, but criminal conviction.
Marijuana is only legal in 10 states, not federally –
Colorado and Washington made recreational cannabis (marijuana) legal in 2012, since then so has Alaska, California, Maine, Massachusetts, Michigan, Nevada, Oregon, and Vermont.
Many state legislators have been working toward legalization in their own states over the years, and some researches say they expect federal legalization to happen in 2021. You can use Convenience Store Perspectives’ interactive map to find out what is legal in each state.
The potential profits is exciting, but accepting payments is difficult
The marijuana industry is considered one of the fastest growing industries in the world, with revenue expected to hit $50 billion by 2026. However, because the use and sale of the drug is still not federally legal, many banks, payment processors, and insurance companies refuse to be associated with businesses that sell it.
This means, even if the drug is legal in your state, you could be risking your insurance coverage, banking opportunities, and your ability to accept credit/debit/EBT cards in your store.
Doing your research is extremely important
If you are considering carrying CBD products or marijuana in your store, you need to know all of the details of the law in your state. Also, make sure you are familiar with the products, their ingredients, and the differences between them all. Even if marijuana is made legal, you should be very careful with the sale of any marijuana or CBD products to be sure you are keeping your customers safe and not breaking any laws.
You could put your entire business at risk even if marijuana is legalized in your state
By choosing to offer marijuana or CBD products in your store, you are risking your business’ success, even if you are following the laws and regulations.
Unfortunately, even if the products are legal to sell, there are some consumers who may look at your business differently because you are choosing to offer marijuana. Also, as mentioned before, there are other organizations that will be apprehensive to working with you once you are selling these products. By venturing into this new industry, you will be signing up to take on new challenges, which means you will have to be prepared to overcome them in order to maintain your success and grow your store.