I personally believe that weed should be legalized federally and handled just as alcohol is. It’s also my belief that most American‘s can agree weed is less harmful than alcohol but is less socially acceptable for unjustifiable reasons. But that isn’t what this article is about. This article is about the money and business side of the legalization and where it could lead us in the future.

Colorado‘s Big Day

As you may have heard Colorado has made it legal to sell marijuana for recreational use. This culture shifting legalization has had the support of Americans for a couple years now and one of the biggest points on the ‘pro’ side of legalization was the money-side of things. Well, after the first day that speculative arguing points have come to fruition. As reported by 9 News in Colorado over $1 million have been earned in revenues in just the first day (beginning at 8AM). With people waiting in long lines with their ‘bud’dies it is no surprise that revenues were pouring in. I have said many times before that marijuana was going to be the next gold rush and should be considered the ‘green rush’, though I’m not the only person to have referred to it as such. There are many ways to make money off of this new commercialized plant.

The Plant Itself

Cultivating and distributing weed itself is quite the market to be in. There is a lot of money to be made in being able to acquire, grow, distribute, and exchange weed. There are different qualities, strains, and origins of all types of weed which naturally creates differentiation of the product. Think of it as the market for dog breeding. There are different types of dogs with different distinct personalities. Different customers want these specific traits and exploiting these needs can earn a business a pretty penny.

Concentrates

For some who don’t know, it’s possible to manufacture different types of edibles with THC infused. Jolly-Rancher type hard candies, lollipops, cookies, the fan-favorite brownies, liquid drops with flavoring, the list is endless. The difference with this type of product is that it tastes good, is more socially-acceptable in a group setting (depending on the consumer of course), and is a change of pace for your typical connoisseur. To be able to perfect a recipe which contains THC will certainly make for a profitable product.

Accessories

This varies extremely from consumer-to-consumer. There are plenty of ways to smoke, store, grind, and vaporize marijuana.

For smoking there are bowls, bongs, pipes, steamrollers, and many more. You can go the healthier route and vaporize weed, which causes no combustion which decreases/eliminates the smoke and lung damage caused when you put a lighter to the plant matter. These two options are the most common ways to consume marijuana and there is a lot of room for innovation and improvement to these devices.

A grinder is exactly what it sounds like. It’s a device which the plant material is placed and grinded into a finer substance which allows for easier consumption as well as more efficient use. Imagine a pestle and mortar only slightly different. There are hand cranked versions and electric versions available, but again, there is a lot of room for improvement to these products.

Storing marijuana was once an extreme necessity. It had to be discrete to smell and sight. With the culture change at hand we may find that consumers want more personalized and stylish containers or storage spaces. A plain mason jar was a popular choice before, now maybe we will see decorative mason jars or similar containers with a bit of flair added. While your average consumer may just stick to whatever container the dispensary gives them or their old jars, there will definitely be a market for personalized weed storage containers. Look at wine bottle collectors or your average college ‘graveyard’ filled with decorative liquor bottles.

Marketing

Marketing to this audience will be tricky for some at first. It needs to be remembered that a lot of these people are seasoned tokers. They have been smoking for years if not decades and don’t need to be taught about marijuana. In fact, they may be able to teach businesses a thing or two about the distribution and usage of the products. But there will also be a new crowd of users who were leery of the plant at first. This crowd should be eased in slightly to the idea of trying to product and there should be certain products made specifically for first time users. Less potent strains or weaker concentrates would be ideal for this group of consumers. Remember above all, lose the pothead stereotype. These people are just like everyone else and many just need a break from a stressful work day. Treating them like a pothead will certainly rub them the wrong way and discourage them from your business. It isn’t hard to find weed anymore, consumers will gladly take their green elsewhere.

Future

I see the future of this industry flourishing. The safer ingestion of THC via concentrated (brownies, candies, ect.) and vaporizing will keep the industry going. While consumers will still want to light up a joint here and there or pack a bowl there is a healthy and viable future for the industry. Unlike alcohol and cigarettes there are ways around using the products in the long-term without negative affects. This will keep the industry on its feet; being able to creatively enter the market and make a name early is crucial.

Bravo Colorado. If you liked this article feel free to follow my blog and Twitter account. Please leave a comment about how you feel on the topic and if you have any comments or concerns let it be heard.

@TysTake

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