Various marijuana businesses are starting to expand in the United States after cannabis has been made legal in 26 states and even the nation’s capital. However, legal marijuana business owners are still encountering challenges in their respective ventures due to the stigma surrounding the industry.
Take former Wall Street lawyer turned entrepreneur, Joel Schneider. According to CNBC, Schneider is making a fortune running three Bud+Breakfast hotels in Colorado. He is said to be making $1 million a year running his hotels, where his guests are allowed to smoke marijuana anywhere within the premises.
Schneider’s first B&B in Denver features six suites ranging from $299 to $399 a night. Guests ages 21 to 80 enjoy luxuriously-appointed rooms, a well-stocked bar, and meals specially prepared by a chef.
Though Schneider has found success in Colorado, he plans to open franchises in other marijuana-friendly states, such as California. However, the road to success hasn’t been an easy one as the entrepreneur said that he has encountered some challenges along the way.
The businessman revealed that he initially provided a marijuana bar with free cannabis for guests. But since his guests paid to stay at the B&B, Schneider was cited by law enforcement for selling drugs without a license.
He also said that finding competent staff has been a challenge, as people whom he hired in the past were very rowdy and irresponsible. After receiving complaints, Schneider was forced to fire the entire crew as they were “partying to 5 o’clock in the morning.”
As the Trump presidency begins, Schneider is also concerned that the incoming U.S. Attorney General could make a move to shut down the industry. The entrepreneur is remaining optimistic about the matter.
Meanwhile, the cannabis industry is poised to grow with various innovations in the business. Several marijuana expos are scheduled to take place this year, including the Marijuana Business Conference and Expo, which will be held on May 17-19 in Washington D.C. It is expected that new business concepts will be introduced at the three-day event, while entrepreneurs discuss investment opportunities in new states.
The cannabis industry is also about to get bigger as “weed weddings” are starting to become a fad in Colorado and Portland, Oregon. The Cannabis Wedding Expo will be held in Denver on Feb. 19 and in Portland on March 26.
For more, check out Jobs & Hire’s report on whether you should start a marijuana business in 2017.