Starting a business is hard enough for most people. But cannabis-related businesses are having a much harder time.
For one, they are constantly worrying about federal intervention. Cannabis remains to be a Schedule I substance and the possession, sale, cultivation and use of cannabis products is prohibited on a federal level even in marijuana-friendly states. It may be legal where they are, but federal law trumps state law.
Other than that, businesses in the cannabis industry are facing unique problems such as having to compete with the black market, higher taxes, and complicated laws. They cannot even open a bank account or get a loan, something that other businesses take for granted.
If you think that starting a cannabis business is a walk in the park, think again. You might be in for a surprise how it’s not all rainbows and butterflies.
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