Up from $1.5 billion dollars in 2013, legal cannabis and CBD oil sales grew 74% to $2.7 billion in 2014 making these popular new wellness products the fastest growing industry in the US. According to Greenwave Advisors, legal cannabis could be an industry with revenues of $35 billion by 2020 if legalized at a federal level. With those numbers legal weed would surpass the NFL’s annual revenue and would be on par with both the newspaper publishing and confectionary industries’ revenues.
Randi discussed the lucrative world of cannabusiness is Isaac Dietrich of social networking app MassRoots, Keith McCarty of medical marijuana delivery app Eaze, and High Times Senior Cultivation Editor Danny Danko.
“The fundamental rule of technology is to make our lives easier and safer.”
“We got a call from Apple the same day marijuana was legalized in three states that they were dropping all cannabis apps.”
“We united the cannabis community to fight against Apple’s restriction of cannabis apps.”
“How can a private corporation going to tell me I can’t download a cannabis app to my phone?”
“We pitched Silicon Valley VCs who said they weren’t able to invest in anything illegal that might be seen as aiding and embedding.”
“We come across as genuine. We built this app for ourselves. This is what we love doing.”
“A cannabis social network couldn’t be run by a major corporation.”
“It’s a challenge everyday. People from the outside think we’re a bunch of potheads but in reality we have to work harder than most startups out there.”
“When we first started MassRoots we thought it’d be 80% guys but we were wrong it was totally equal.”
“Snoop, Wiz, B-Real built up empires on their love of cannabis.”
“Major brands are going to start paying attention to the power of the cannabis community.”
“Colorado is seeing 30-40% growth in concentrate sales.”
“We’re making it as easy as possible to know where, when, and how to vote.”
“We’re going to be sending our users push notifications of where their voting locations are.”
“Think different. Do something that hasn’t been done before.”
“Try not to be on national TV if you’re trying to secure a bank in the cannabis industry.”
Keith McCarty of EAZE
“We’re at an intersection of cannabis and tech means we’re making the operation seamless with a patient.”
“We look to automate the supply and demand process.”
“Within a matter of seconds you’ll be verified as a patient if you have all the necessary legal materials.”
“At the root of what makes tech companies similar, we at Yammer were data driven. Eaze is the same thing.”
“My background is not in cannabis but I got up to speed pretty quickly.”
“We have a close relationship with city officials and we partner with dispensaries who have vetted drivers.”
“In every territory we partner with the best dispensary. We look at what the public thinks and whether or not they’re well organized.”
“The dispensary Sparc is run like a business which is why we chose to partner with them.”
“Being first to market is a huge advantage.”
“Easy, quick, and accessible is our motto.”
“Celebrity endorsement is huge especially the ones that are prolific in the cannabis industry.”
“The more interesting trend we’re starting to see with females is the older female customer. The stay-at-home soccer mom wants something easy and discreet.”
“The transition toward a broader demographic is a huge movement that’s big for the entire industry.”
“We analyze the data and create a broader menu.”
“We’re really excited about this upcoming election. The biggest thing is to get people to vote.”
“There’s a lot of due diligence and getting behind the movement to building a cannabusiness.”
“All oppressed cultures find a way to communicate with each other. 420 is our code.”
“We have something like 600 vendors and more than 50,000 attendees at this year’s Cannabis Cup.”
“Concentrates are a whole subset of the marijuana world so new technology exists for ancillary items.”
“Any business that has great customer service and a great product we are looking to shine a light on. Companies that do the right thing.”
“There’s a thriving marketplace in Seattle, Alaska and Oregon. There’s so many ancillary businesses for different marketplaces.”
“Each state has varying restrictions and regulations. Our lawyers work with law enforcement to find a common ground.”
“You can’t stumble down the street in Colorado without running into a dispensary. We’re consumers and we’re ready to spend our money.”
“I’m ready for a pot infused beer. Marijuana and hops are actually cousins of the same family.”
“Snoop Dogg is amazing. He’s been waiting a long time to jump into the cannabis investor arena. Everything he touches turns to gold.”
“If someone’s bold enough to come out as a smoker in the magazine, we’re happy to be there with them.”
“Women growers are winning the Cannabis Cup.”
“20 years ago at the Cannabis Cup we’d have 1 female for every 10 men and she was usually dragged along by her boyfriend.”
“There’s so much marijuana being produced in America we’re now producing our own concentrates without having to import anymore.”
“People are rushing into the marketplace thinking they’re going to make millions of dollars. You have to have an idea that’s helpful to the ever-changing cannabis marketplace.”
“If you hire a grower for a warehouse that’s only grown in his basement you’re setting yourself up for failure.”
“We work with NORML to let people know what’s going on. We always put out a voter guide and what the issues are in their states and who to vote for.”
“Voting is the only way we can affect change.”
“You don’t have to consume cannabis to own a cannabusiness, but you should respect cannabis and cannabis users.”
“Focus on what makes your company better and leave the trash talking to the trolls.”
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