The medical cannabis business in Hawaii carries risks and rewards. It’s heavily regulated, with hefty up-front investment costs. But competition also is limited: The law allows only eight licensees statewide. And the number of registered patients has skyrocketed. As of Jan. 31, 24,070 were registered, compared with 11,727 on Aug. 31, 2015.

Faith in the future led Noa Botanicals, a local medical cannabis company, to open its second Oahu dispensary this week, in Kaneohe.

“This is a very expensive business,” said Brian Goldstein, CEO of Noa. “We’re really hoping that the market continues to grow and more people want to experience the benefits of medical cannabis.”

It’s possible he could get his wish, and more.

The Legislature is weighing various proposals to legalize recreational cannabis. One of them, Senate Bill 686, SD1, includes a mandate that recreational pot can be sold only through highly regulated and monitored medical cannabis dispensaries like Noa.

Presumably, avoiding the need to set up a new system of licensed cannabis retail establishments would not only save time — it took some 17 years to set up the medical cannabis dispensary system — but also assuage legalization skeptics who fear an out-of-control flood of potent legal weed in our communities.

It could also blur the distinction between medical and recreational cannabis, except maybe the cost. Under SB 686, non-medical cannabis sales would carry an additional 15 percent excise tax.

Ironically, 30 percent of those tax revenues would go to substance abuse prevention, “including education on the dangers of driving while under the influence of cannabis.”