If you didn’t take a picture of yesterday’s lunch, you didn’t eat it. If you didn’t capture a shot of a cute puppy, did the puppy ever exist? Social media’s popularity with smartphone users has caused some people to look at every moment of their lives as a potential photo op. Why would a moment with marijuana be any different?
The IRS problems faced by marijuana businesses can really only be solved one way: by changing the classification of marijuana as a Schedule I drug under federal law. Doing so will unbind the hands of the IRS to relax their penalties, and it may make it easier for businesses to work with banks.
In a non-cannabis industry an entrepreneur might simply go to the bank for financing, but not so in the marijuana world. Few lenders are ready to do business with a startup whose status is still questionable under federal law. Is crowdfunding an option?
It is the summer of 2014 and the legalization snowball continues to roll down the marijuana slope; it has been picking up speed for the past six months as Colorado and Washington have legalized the plant. Furthermore, since 1996, 23 states have changed their laws to allow medical marijuana.
As companies start to grapple with the responsibility of adopting practices that are ecologically sound and efficient, the individual consumer will start to ask, “is your company green?”
It is common for the marijuana industry to be portrayed as one dimensional. To many individuals, the marijuana market simply consists of a grower, a store owner, and a smoker; however, nothing can be further from the truth.
Benefit Corporations may be an attractive alternative for marijuana entrepreneurs who want to make a profit, but also believe in business as an engine for social change. What’s not to love about that combination?
C4EverSystems has developed a kiosk that resembles an ATM that will handle orders and payments for dispensaries. What’s more, Mark Goldfogel, CEO of the C4EverSystems, has solved the issue preventing banks from accepting money from marijuana-related businesses.
The National Cannabis Industry Association presented the Cannabis Business Summit last week, June 24-25, in Denver. The two-day business conference featured inventors, investors, growers and experts on cannabis cultivation, who have been given pass from the underground through the legalization and legitimization of the cannabis business.
If you remember prohibition days, or are unlucky enough to live in states with no legal access to cannabis, then you know the uncertainties surrounding black market cannabis. You have no guarantee that the “Sour Diesel” you are buying is actually what your dealer claims it is. Worse yet, you have no idea if what you are smoking carries any toxins from pesticides.
The first and most important job of many startups is to define and protect business identity. To be honest, at the very beginning, there may be little more to the business than an idea and a name, maybe a catchy jingle. But protecting creative identity is what intellectual property law does, and the better the idea, the more protection the business will need.
To hear a student say, “I’m getting my MBA to work in the cannabis industry” would be truly interesting. So this reply may be unlikely, but such a response is not far-fetched, considering that the industry has, and will continue, to spark the interest of a younger demographic.
When you think of marijuana users, do you picture young college-aged adults wearing Grateful Dead shirts listening to Phish? Or do you picture suburban moms driving hybrids to organic cannabis dispensaries?
Legal marijuana entrepreneurs have difficulty purchasing advertising, especially radio advertising. If the business is legal, is this fair? How can a business operate without marketing?
Marijuana business owners are getting Rocky Mountain High in Denver this week. The National Cannabis Industry Association is hosting their first-ever Cannabis Business Summit. The summit takes place June 24- 25, 2014, at the Colorado Convention Center. According to the summit’s official website, it is intended to give marijuana business owners the chance to exchange ideas, discuss best practices, and learn about regulations, policies and legislation.
People want to know what the legal cannabis market will look like. Some talk about price while others talk about quality, and then there are those that just want toke with friends. A topic that is often overlooked is marijuana marketing.
On June 20, 2014, the New York legislature voted to legalize medical marijuana. When signed by Gov. Andrew M. Cuomo, the Compassionate Care Act will be among the most restrictive in the nation.
Recreational marijuana has owners of Denver industrial property seeing green in more ways than one. Industrial warehouse space is becoming scarce in Denver for pot-growing operations. On March 11, 2o14, The Denver Post reported that the competitive market of warehouses for pot operations puts dispensaries in a head-to head competition for the space.
California is generally very protective of employee rights, including the rights of disabled workers, and imposes strict limits on when employers may require drug testing. The state was also one of early adopters of a compassionate use statute, shielding patients from state criminal prosecution for medical use of marijuana.
On Saturday, June 7, 2014, The ArcView Group gave a two-hour presentation on cannabis business at the Chicago Cannabis Conference. It was an opportunity for attendees to get a medical marijuana education in law, investment and startups. In the first hour, Troy Dayton, CEO of The ArcView Group, gave a detailed presentation on the cannabis industry.
On June 17, 1971, President Richard Nixon stood before the American people and declared, “Narcotics addiction is a problem which afflicts both the body and the soul of America” and that action must be taken to stem the tide of the narcotic scourge sweeping the nation. Thus began the War on Drugs.
Court watchers sat on the edge of their seats this week, watching the conflict between federal and state marijuana law play out in the city council meetings of a tiny rural Washington State town. The local ordinance, drafted specifically to ban pot businesses, incorporated federal law by reference.
On July 1, 2014, Washington will become the second state in the union to sell recreational marijuana. It has been a long 18 months since cannabis was legalized in Washington State, and the long wait has only served to stoke the fires of anticipation. One advantage to the protracted period of time between legalization and opening up pot shops is the ability to learn from Colorado’s mistakes. One mistake Washington hopes to correct is the inconsistent labeling methods of edible cannabis.
On April 1, 2014, Canada handed its medical marijuana industry over to licensed commercial growers, ending its own involvement in production and eventually banning personal agriculture. The resulting “green rush” drove stock prices sky high. Health Canada is overwhelmed with grower’s license applications, and some patients wonder how they will be able to continue to get medicine.
If someone came up to you and asked: where is the best weed in the world, how would you answer? Presumably, you would respond with one of the classics, a pioneer state with regard to legalization: Colorado or Washington.
If there are still any cannabis naysayers left in the state of Colorado, then no one can hear them over the ridiculous amount of money being made there. According to the Denver Post, Colorado made $22 million in recreational sales in April 2014, netting the state $3.5 million in tax revenue. Sales were likely boosted by the cannabis holiday 4/20, which attracted thousands of out-of-state visitors this year.
In the midst of Navy Pier’s seasonal tourist traffic, the Chicago Cannabis Conference brought together local, regional and out-of-state minds on a mission to join in a pivotal event for the state of Illinois. The state’s Medical Cannabis Pilot Program was one of the conference’s hot topics on June 7 and 8, 2014. As the host, My Compassion, a 501(c)(3) nonprofit medical cannabis organization, focused the event on medical marijuana education and information.
After a long and bitter struggle, cannabis advocates are beginning to enjoy a newfound legitimacy; as cannabis continues to become more mainstream, the industry built around it looks to organize itself. One of those organizations looking to fill that gap is the National Cannabis Industry Association. Founded in 2010 by Aaron Smith and Steve Fox, the NCIA is the first trade organization of its kind.
Many venture capitalists are still nervous about investing in marijuana, despite a legal market estimated at $1.44 billion. Worries range from DEA enforcement action to scalability to a general squeamishness about “sin products.” A realistic way to take the risk/reward problem apart may be to look at the industry as a collection of mini-markets, each with unique characteristics.
As we’ve previously discussed, investors have taken an interest in canna-business start-ups in recent years. Venture capitalists (VCs) and angel investors are recognizing the industry’s profitability and have begun funding legal cannabis companies.
Every day investors look at their stocks and wonder: is this going to be the next big thing? When you are researching potential stocks to buy, it is only natural for your eyes to light up when you see a cannabis-related stock. You may initially think, “Oh boy, this stock is going to be huge!” Don’t let yourself be fooled.
Tax revenues are a powerful incentive for states to embrace legalization. According Colorado’s Department of Revenue, Colorado has already collected nearly $22 million in marijuana taxes, licenses and fees in fiscal year 2014.
There are very few things that are a given these days; in an age of cynicism we cling to the few things that still make sense. One of those things we take for granted or just assume is that cannabis users are all environmentally friendly, and that those that grow cannabis try to stay as green as possible when growing it.
You may not think that coffee and cannabis have anything to do with each other, but you would be surprised. So how much do coffee and cannabis connect with each other? Well, aside from being alliterative, quite a bit.
Pot culture is prevalent in Boulder, but maintaining a certain image may be more important to the university than warmly embracing counterculture.
For investors, the burgeoning marijuana industry provides many different opportunities for financial growth. Entrepreneurs are rapidly opening businesses in the hopes of joining the green rush.
This a signal that the marijuana industry will continue to develop into a dual one.
It’s no new news that people are starting to invest in the legal cannabis market, but the people who chose to do so aren’t your likely suspects.
A pint sized entrepreneur hatches a brilliant plan.