Since Colorado and Washington legalised recreational marijuana in 2012, investors have been looking for a way to cash in. And why not; the cannabis industry looked like the alcohol market post prohibition. Suddenly America had a new commodity that had billions of dollars of proven revenue in the black market. Of course that would translate to the legal market, right?
According to LA Weekly source Jacqueline McGowan though, don’t just jump into the deep end.
“Do your own due diligence. There is no shortcut to that,” said Jacqueline McGowan, chief executive of cannabis consulting firm xchange. McGowan, who presented both days and addressed best practices for investing in cannabis, explained that this due diligence should apply to all areas of a new business. For example, if you’ve identified a particular city or municipality to apply for a cannabis license in, McGowan suggests getting to know the city officials, from the police chief to planning directors, and their stance on weed. If you’re planning to hire an an attorney or consultant to advise on a cannabis venture, run a background check on that person first to ensure they’re even qualified for the job; “trust, but verify,” she said.
There are still many questions that have been left unanswered with the marijuana industry. The election of a Republican President and a conservative minded Attorney General makes that future all the more uncertain.
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If you are thinking about getting into the cannabis business or purchasing stocks in the industry, make sure to click here to read more at laweekly.com.
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