A recent report by ArcView Market Research found legal cannabis sales jumped 17% in 2015 and are predicting it to grow by an astounding 25% this year. That means the legal cannabis industry will reach $6.7 billion in total U.S. sales in 2016. Innovative startups are flooding the scene, hoping to find their niche in America’s fastest growing industry.
“We are going to see the legal cannabis industry create, tailor to and adapt technology for agriculture, plant compound extraction, security and finance,” said Leslie Bocskor, a funds manager who focuses on marijuana businesses. “As the industry grows, it will rely on technology to facilitate the development of businesses from an innovation perspective, which will create a more fertile environment for investment.”
There is a lot of opportunity for innovation within the cannabis industry. However, entrepreneurs are facing just as many challenges when trying to start up their businesses. Challenges such as the constantly changing regulations, limited access to capital and the banking restrictions (to name a few).