With legalization comes the trade. In Texas, businessmen and venture capitalist circles have begun to explore the profit possibilities that the marijuana industry will bring to the state.
On Thursday, this is the center of the talk at the Dallas office of Munsch Hardt when a panel of experts discussed the impact of medical cannabis to the local business community.
Included in the panel are Munsch Hardt attorneys Richard Cheng and Caleb Trotter; Martin Ray partner Zach Martin; and CEO of cannabis company AquiFlow, Patrick Moran. The panel addressed an audience of about 50 attendees.
Moran advised that for anyone looking to invest in cannabis, the goal should be long-term.
The cannabis link
Texas real estate is one of the industries projected to be directly affected by loosening regulations in marijuana.
“Cannabis real estate is heating up just across the state line in places like Texarkana, Ark., as communities … jockey for cannabis businesses,” one of the presentation materials read.
Many businessmen are already getting their hands on warehouse space with some acquiring facilities for production in anticipation of the legalization of the drug for medicinal purposes.
But while all this enthusiasm projects a positive future, in reality, Texas regulations regarding marijuana use still lag behind other states in terms of its efficacy and patient access.
While some states such as Arizona and New York already allow medical marijuana, in Texas, its use remains limited to patients and healthcare providers who can show evidence that other treatment alternatives have been exhausted and proved ineffective.
But one of the panel experts, Cheng, believes this might change soon.
“It’s just a matter of time. When I got into this industry three-and-a-half years ago, people asked me, ‘Do you think this will ever be legalized in Texas?’ I said, ‘Yeah, a decade from now,’ but that was late 2013. [A bill] was signed in 2015. I was off by eight years,” Cheng says.
At the discussion’s conclusion, the experts resolved that for businesses to thrive in this industry, they must be one step ahead of the game and be ready to maximize potential opportunities as they come along.