In the 1840’s the “Gold Rush” attracted people from across the country to California for dreams of getting rich by panning for gold. Fast forward nearly two centuries, and it is the “Green Rush” that is poised to create an entirely new industry.
According to a recent Forbes article, a bill is making its way through Congress that would major financial institutions to provide services to legal marijuana businesses. That, combined with the fact that nearly two dozen states have laws in place legalizing the use (and sale) of marijuana in some form means that a plethora of opportunities await entrepreneurs.
In essence, opportunities are ripe for small businesses that provide smokeless vaporizers, pot delivery services, and advertising. The reason that small, local businesses have an advantage over larger, multi-state enterprises is that small businesses do not have to worry about running afoul of laws in states they are not based in.
With entrepreneurs entering the industry, it is important that they have contracts that clearly define their services and responsibilities, as well as the ownership of any trademarks or logos that characterize a business’ unique characteristics. This is important not only in making sure that businesses do not violate any marijuana production or regulation statutes, but to maintain a sterling image to lenders should they want to expand their business.
In the meantime, it remains to be seen whether the proposed pot lending law will be passed, or when. But when it does, the “Green Rush” will likely be in full swing.