How Can Pennsylvanians Invest In The Medical Marijuana Industry?
Since Pennsylvania legalized medical marijuana in April, many have wanted to tap into the industry. United States Cannabis Pharmaceutical Research and Development CEO Michael Patterson says while officials develop policies over the next couple years, interested businesses and individuals should begin to familiarize themselves with the Commonwealth’s cannabis laws so they can cash in when the time comes.
This sector of business is expected to create many jobs outside of growers and sellers. According to Patterson, ancillary jobs are going to be essential to the success of medical marijuana in the state.
Patterson says job growth in industries like plumbing, transportation and accounting can be expected as these new businesses get off the ground. He’s part of a team holding informative seminars throughout the state, which he encourages interested parties to attend.
“It is a great way to go ahead and start your customer base,” said Patterson.
It is also a great way to learn the laws regarding medical marijuana and how they will be enforced. Because of marijuana’s unique legal status, Patterson urges entrepreneurs to think about their sales and branding approach differently.
“We tell them you’re not in the marijuana business, you’re in the compliance business,” says Patterson. “If you’re not compliant, you’re not in business.”
From Fortune 500 Companies to individuals, Patterson says he encounters a range of interest at the seminars.
Patterson expects this business to do well because of the way the law was written. Out of the 23 other states that have legalized medical marijuana, Patterson see’s Pennsylvania’s as one of the best.
“It brings good access. It brings good controls. It brings good regulation to ensure the medicine is only going to who it’s supposed to go to.”
Because marijuana is still classified as illegal on a federal level, it cannot be distributed in pharmacies or covered by insurance.
Patterson says Pennsylvania can expect the application process for treatment with medicinal cannabis to start this October or November with industry fully functional by early 2018.
This weekend’s seminars will take place at the Saturday at the Pittsburgh Marriot City Center and the Pittsburgh Marriot North in Cranberry Township on Sunday.
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