From the growers to the dispensers, the investors to the politicians, and the green in your bong to the green in their pockets, we're interpreting the detailed happenings in the budding wide world of business.
In Longview, Washington things are starting to get very interesting for the legal marijuana business. Slightly behind pace with Colorado, the entrepreneurs of Washington State are really just getting started, but that doesn't mean they're behind pace in terms of innovation.
Adam Stites is one such innovator who has a product that is sure to make some serious waves as it combines one of every stoner's favorite combinations: THC and coffee! "Legal" beverages are being touted as wake and bake in a bottle, and it's sure to give you that morning pick-me-up you need to get your day started. "The coffee drinks give you an uplifting head high," Stites explains. Each bottle has about 20mg of THC inside which won't get most people totally smashed, but you'll certainly feel it.
"We want the experience to be more similar to that if you had a nice IPA or glass of wine. We don't want to pack so much THC into every one of our drinks that it's unpleasant, especially for people that are just getting into marijuana," he says. Stites explains that he is really just waiting for the retail stores to open as he can produce pretty well as much as the demand requires. He also has a line of flavored sodas that he is courting stores with. Soon enough it seems people won't be reaching for that Irish coffee or after-work beer -- there's a new preferred beverage in town...
As the cannabis business booms (legal ganja sales are expected to grow to $2.57 billion this year), some businessmen are betting on the growth to push the limits of new product lines and supply chains. "The sky's the limit," Ben Wu, a New York University business school graduate and former vice president at Wedbush Capital Partners, explained to the LA Times. "As long as states continue to adopt, we're going to double growth each and every year."
Wu recently took a six-figure pay cut to begin working for Kush Bottles, touted as the world's finest bottles, vials, and packaging. These ancillary businesses are where some entrepreneurs like Wu are betting their money. "We're selling shovels in a gold rush is all we're doing," said Rich Nagle, a former electrical engineer who know works in marijuana grow systems.
It's a sound decision most ways you look at it as medical marijuana is legal in 21 states, recreational marijuana is legal in 2 states, and more legislation is being discussed each and every day. While bigger companies will back down from jumping in early, it leaves an open playing field for indie growers and manufacturers to thrive and get a sound return on their investment.
A judge, casino mogul, and former mayor walk into a room...it sounds like the beginning of a bad joke, but in reality it is the beginning of Nevada's budding medical marijuana scene. Clark County (which covers southern Nevada, including Las Vegas) released their records on the individuals applying for licenses to open facilities in the area and it's definitely an interesting crew. Retiring District Judge James Bixler, former Henderson Mayor Robert Groesbeck, Dr. Nick Spirtos, restaurateurs Jenna and Michael Morton, M Resort President Anthony Marnell III, and numerous others are on the list of entrepreneurs looking to capitalize on the marijuana boom. WHo can blame them really? It's a great investment in their futures by all accounts.
Clark County received applications for "64 cultivation facilities, 81 dispensaries and 42 production facilities," according to figures released. Welcome to the family Nevada!