The cannabis industry is generating plenty of new economic opportunities. Here are five areas that have grown up around legal marijuana.
With legal ganja heavily regulated by state governments to avoid accidents like unintended consumption by kids, proper pot packaging and labeling are imperative. Kush Bottles, the manufacturer of child-resistant plastic cannabis containers, and Stink Sack, which makes odor-free opaque bags with childproof slide locks, are new two companies in the game.
2. Real Estate
CBRE, the world’s largest commercial real-estate-services firm, reports that legal cannabis “kick-started the recovery of the industrial market in Denver,” resulting in record-high rents and record-low vacancies. From 2009 to 2014, a third of all industrial space leased in the Denver was for cultivation purposes. During that period, one out of every 11 industrial buildings in central Denver housed ganja gardens.
3. Industrial Agriculture
Companies are producing cutting-edge agricultural technology, fueled by consumer demand for legal weed that often exceeds the available supply, as in Washington State. Innovative firms like Ambient Water have developed a process to capture moisture in the air and convert it into water for plants, while companies like Black Dog LED create products that generate the best light-spectrum emission at a lower cost.
4. Marketing, Advertising & Consulting
According to a survey by the Marijuana Business Factbook, weed-related marketing, advertising and consulting companies are among the most heavily funded by investors. Despite the increasingly favorable media coverage that pot receives, misinformation and propaganda still need to be addressed. Legal marijuana advertising also bolsters ad revenue for local weeklies and newspapers.
5. Security & Transportation
Due to the refusal by banks to service cannabusinesses, as well as possibility of robbery at dispensaries and retail stores, high-level security and transportation of medicine, products and cash is a top priority. In Denver, once such company, Security Grade Protective Services, employs ex-military personnel, allowing veterans to utilize their skill sets in the protection of cannabis.