Monetize Medical Marijuana in Canada

Tuesday, November 14th, 2017
canada marijuana

The growing legalization of marijuana not only provides recreational and medical opportunities but business ones as well. Not only can you set up a shop in legalized states, you can also plant businesses in other legalized countries. Since marijuana is becoming legal in more states and countries now, it may be worth investing in the growing medical marijuana industry or edibles industry.

With its close proximity to the United States, Canada is a prime candidate for such a venture. Canada serves as a great liaison for medical tourism with the United States. Several provinces already have out-of-country processes for medical procedures. Certain areas in Canada offer booming business opportunities.

There are just a few important safety and legal factors to keep in mind. Like knowing the difference in marijuana legalization or medical programs between the two countries. In fact, Forbes reports that many marijuana businesses struggle due to a lack of knowledge. In the report, Forbes cites the main infractions according to marijuana business regulatory compliance experts. They include security and surveillance regulations, labeling and packaging, business records, and transport and storage.  All categories with failing rates.

Marijuana legal experts can help clients understand and comply with regulations. The laws can be difficult to navigate and prosecutors can be especially hard on marijuana misuse. In addition to following proper regulations, there are a few other factors to keep in mind while getting your international marijuana business off the ground.

Benefits of Medical Tourism for:

Medical tourism is when a patient seeks medical care outside of their country or state. Though this might seem extreme, medical costs in the U.S. continue to increase at an alarming rate. Many patients are looking for international medical care. According to medical transportation experts, medical tourism is becoming so common that commercial air ambulance services are now available.

Medical tourism can have several benefits for patients. In many cases, patients can get the same medical procedures out of the country for a much lower cost. Even bringing down a potential six-digit bill to a more manageable five-digit one. It can also give patients waiting on a transplant or blood transfusion a higher chance of getting what they need. This is especially important if a patient needs an immediate operation and doesn’t have time to wait for an available donor in their country.

Additionally, travelling for a medical procedure can be a way to circumnavigate restrictive laws. It gives patients the freedom to make decisions without the limits of local legislation. Overall, medical tourism offers patients an alternative option for care that can be better for them without compromising the quality of services. Plus, it offers the extra opportunity to visit a new culture.

Investing in Multiple Locations

Taking advantage of business opportunities doesn’t necessarily mean you have to move. In fact, you can multiply your profits by investing your business in multiple locations. You could potentially have a location in the U.S. and one in Canada. Of course, starting a business is no small task and will require extensive organization and planning.

Financial advisor and author Craig Anthony advises that to best manage multiple business incomes at once, you should focus your efforts and keep your businesses separate. Firstly, focusing your efforts requires choosing one location to begin with and start manifesting the second one only after the first is running well. This will help keep the process cleaner, allow you to focus on one business at a time, and help prevent spreading your resources too thin.

Secondly, keeping your business separate will help maintain that balance as both business locations grow. Not only is this important for accounting purposes, but it will help you evaluate the profitability of each separate location and ensure that you are investing in the best way possible.

Going into the marijuana business has many benefits but requires extensive knowledge of the varying laws and regulations about it. This includes everything from shipping laws, to driving under the influence of marijuana, to knowing the different regulations of the neighboring states or provinces. Monetizing medical marijuana in Canada from the U.S. may not be easy, but it can be a rewarding enterprise to go into.

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