Companies interested in business formation for the purpose of selling medical marijuana are taking a closer look at Massachusetts. The state legalized the sale of marijuana for medical purposes in November’s general election, and companies that already have stores in place to sell marijuana in other states are considering opening businesses in Massachusetts.
One method of supplying marijuana is in pot-infused food products like sodas and chocolates; marijuana can even be added to bath salts. Companies are racing to put sales protocols and store locations in place to take advantage of the growing customer base as more states approve the medical and recreational use of the drug.
Setting up a business model to sell a drug that has been illegal for decades is challenging. Many people in Massachusetts and other states may find the prospect of legalized marijuana daunting and may avoid doing business with companies that sell it. On the other hand, one entrepreneur estimates that between $600 and $800 million worth of business may be available in Massachusetts alone during the first year of setup.
A business attorney can assist business owners who want to open new locations in a state where the laws have suddenly changed in order to allow sales of certain commodities. Complying with all the state’s regulations about medical marijuana may be complicated, so it may be beneficial to have the advice and assistance of someone who understands the law and can represent a business owner’s interests as he or she attempts to set up a new store. By hiring a business lawyer, business owners may avoid many problems and smooth the way for a profitable venture.
Source: 90.9 WBUR, “Pot entrepreneurs eye Mass. for new business,” Rachel Gotbaum, Jan. 18, 2013.