While the island has yet to see a fully-realized adult-use recreational and medicinal cannabis industry, experts forecast that Guam could potentially become a $50 million to $100 million regional market based on its strategic position.
Nic Easley, CEO of 3C consulting, and Steph Sherer, the founder and executive director of Americans for Safe Access, spoke with PNC about the possibilities for the local cannabis industry on Guam.
3C consulting firm works with clients across states, countries, and territories to help create new medical and adult-use cannabis programs. Meanwhile, Americans for Safe Access is a patient organization focused on working with governments and businesses to create product safety protocols and improving laws to expand patient access.
“I can easily see this local market to easily be a $50 to a $100 million type of revenue market. That is my forecast for Guam — not just for the medical market, which definitely can be helpful and profitable and helpful for patients, but also for the adult-use market, which could be a great business opportunity as well. The really long term economic forecast is based on exposing new consumers and new markets to cannabis for the first time responsibly. And that is a huge responsibility for businesses that launch here on Guam,” Easley said.
Sherer, the founder and executive director of Americans for Safe Access, said while it has taken a while for these stores to open on Guam, there has been a lot of progress in the legislative level in improving these laws.
“What we are looking at right now is the various administrative agencies to make sure that these businesses can open and serve patients here,” Sherer said.
Easely said having a legal and administrative foundation is important for the industry to thrive. Having worked in 33 states and in a variety of different countries, he said if laws and policies are incorrect, businesses can’t function correctly.