If there's one example of why you should pay attention to new laws and legislation, this is it.
Taking advantage of laws in 16 states that permit the use of medical marijuana, Scotts Miracle-Gro, known primarily for its high-impact soil and plant food, is in the process of expanding into the pot market.
The medical marijuana market, that is. And it's projected to reach $1.7 billion in sales this year.
The rationale for Miracle-Gro marijuana stems from the lack of growth in the distributor market, reports The Wall Street Journal. To increase sales, the company is looking to smaller, niche markets for which it can develop and sell products.
One of those markets is clearly in medical marijuana.
Though you don't need to expand into such controversial areas of business, this is a great example of how the law can open up new opportunities that were not previously there.
When states legalize certain behaviors, relax restrictions, pass policy initiatives, initiate tax breaks, and implement funding programs, they are giving business owners an opportunity to expand into new markets and grow.
So, how can you keep up to date with legislative and legal changes that may impact your business?
While we here at Free Enterprise monitor national legislation that impacts small businesses, for more state-specific information get in touch with your local Chamber of Commerce. They often have a heads-up on legislation that may or may not be good for business.
And who knows? You may find your very own Miracle-Gro marijuana.
- New Miracle-Gro niche: home pot (Arizona Daily Sun)
- Will Calif. Internet Sales Tax Hurt Your Business? (FindLaw's Free Enterprise)
- Small Business Export Financing on the Rise (FindLaw's Free Enterprise)