In what areas do you see opportunity for cannabis related startups?
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Great question! There is tremendous amount of opportunity for cannabis startups in the ancillary markets. Areas that immediately come to mind are software applications that make compliance easier, money management/commerce applications that address the issue of the industry being an all cash industry, energy management systems to optimize cultivation center operations, energy efficient growing systems, data analytics, travel & tourism, and hospitality. The possibilities are almost endless, but I think that the areas of opportunity that are most needed and that will be most successful are those businesses that help streamline operations’ management in a tightly regulated industry, applications that provide up-to-date information and businesses that are focused on consumer experiences that are unique and related to cannabis.
For businesses touching cannabis, I believe that topicals and concentrates are the areas that will experience a tremendous amount of growth. Consumer demand is increasing for both types of products and in just looking at my client base for my consulting business, they make up the majority of businesses I am helping to develop. I hope that helps!