In this episode of the SparkCom Podcast, Adam and Manny discuss the contrast of growing opportunity and high risk in the cannabis industry. Entrepreneurship is about discovering solutions to address consumer problems. And, at its foundation, the cannabis industry at its foundation identifies unmet customer needs, making it outwardly appealing for modern business leaders. But it’s the value delivery system where complications arise.
Despite growing demand for cannabis products, a whirlwind of legal, political, and financial barriers make entering and succeeding in the industry highly challenging. Regulation costs, tax costs, and distribution costs make participating expensive, and state and federal laws often clash to limit operations. It’s not an easy business to play legally, but you don’t have to let opportunity go up in smoke. Looking towards today’s four biggest trends--mobility, asynchronous communication, the gig economy, and artificial intelligence-- may be a way for entrepreneurs to creatively and lawfully participate in the industry. Regardless, entrepreneurs must carefully plan their involvement in any industry to avoid legal and financial consequences, and prepare for high potential costs and risks.
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