2021 Set to be a Big Year for Cannabis and Franchising has a Seat at the Table
Cannabis swept the 2020 General Election with all five states overwhelmingly passing cannabis legalization measures. Specifically, voters approved adult-use cannabis initiatives in Arizona, New Jersey, Montana, and South Dakota, and medical cannabis initiatives in Mississippi and South Dakota. Collectively, these five states are estimated to bring in more than $3.1 billion by 2025. Now, 15 states, including Washington D.C., have legalized adult-use markets, and 36 have approved medical markets.
With cannabis reform sweeping the nation and the chambers of Congress reviewing federal legalization bills for the first time in history, now is the time for prospective entrepreneurs to begin making their industry entrance.
“The cannabis industry is wrought with complex rules and regulations, along with challenges at every corner. Those entering have a steep uphill mountain to climb as they play catch-up to the large multi-state operators,” said Justin Livingston, vice president of franchise development at Unity Rd., the nation’s leading dispensary franchise.
Livingston, a Certified Franchise Executive (CFE) with 15 years in franchising, added, “No other industry needs franchising more than cannabis. We recognized this a few years ago and brought together a team of cannabis and franchise industry veterans to pave the path and open the door to cannabis entrepreneurship to more people.”
Unity Rd. has created the safest way into the cannabis industry for entrepreneurs eager to be at the forefront of this budding industry. Through Unity Rd., franchise partners gain knowledge and expertise from a collective 120-plus years in the legal cannabis industry. They open their doors with confidence thanks to the standard operating procedures (SOPs), ongoing support and resources the franchise provides.
“In this industry, there are so many dead ends on the windy road that prospective franchisees really need a franchisor who has been through it first-hand and understands both sides of the business [franchising and cannabis] to guide the way,” said Livingston. “We created Unity Rd. to eliminate the guess work and help others succeed in the industry without living through the costly and sometimes catastrophic lessons learned that have become the norm for cannabis entrepreneurs.”
Being deemed essential in several states during the pandemic, cannabis has proven to withstand harsh economic conditions with markets continuing to report record sales across the country. U.S. cannabis sales are projected to hit $37 billion by 2024 — nearly five times what the industry is worth today. On a high growth trajectory, analysts at Cowen and Company anticipate the U.S. marketing reaching $100 billion by 2030.
“I started using the term generational wealth, because it is,” Livingston explained. “Cannabis entrepreneurship is a life-changing opportunity with unit economics that hasn’t existed in franchising. Bringing these two worlds together is setting people on a path that will not only change futures but will revolutionize both industries.”
Cannabis’ popularity is undeniable. While five states were able to advance cannabis reform in the 2020 election cycle, more states are sure to follow. In California, 31 of 35 cities and counties also approved cannabis measures at the local level, and several other states, including New York, have already taking steps toward legalization efforts.
Interested entrepreneurs in states with no available opportunities have options to enter cannabis as well – the Unity Rd. team helps franchise partners find the right opportunity, which can mean out-of-state acquisitions. One recent example for the brand is a father-son franchise partnership in Iowa who have acquired a dispensary in Boulder, Colorado to convert into a Unity Rd. This strategy allows them to enter the cannabis industry now and scale their business to put them in a prime position for entrance into Iowa once it becomes available. The franchisor is seeing more potential franchise partners looking to follow suit.
If Unity Rd. sounds like an ideal investment opportunity for you, attend a live weekly presentation to learn more about the Unity Rd. franchise opportunity and current state of the cannabis industry. Register at https://www.unityrd.com/zoom.
Unity Rd.’s franchise system is designed to ease the barrier of entry into this booming industry, and the timing to cash in on the opportunity has never been better.
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