Industry leaders share their thoughts on why marijuana is causing a buzz for more reasons than you think.
You know that feeling when you realize that the good friend you let stay on your couch for a couple of days has suddenly become a permanent fixture in your home?
Pot, weed, grass, 420, ganga, dope, herb, joint, blunt, cannabis, reefer, MaryJane, bud, stinkweed, nuggets, blaze. Call it what you want, marijuana has subtly (but quickly) become a regular part of our lives. Consider that over half of US states (29) have laws on the books that broadly legalize marijuana in some form. Eight states have legalized it for recreational purposes — in just five years. Does anyone remember the “war on drugs.”
And while we struggle to reconcile the real issues of federal restrictions versus states rights, another fact is turning out to be irrefutable: marijuana is having a much broader impact than many of us realize.
As if you discovered that unwanted couch guest can actually fix your entire home.
Here is what leaders in the industry have to say about the impact that many people are missing.
Marijuana is surpassing alcohol in tax revenue.
According to Arnaud Dumas de Rauly, Chief Strategy Officer for The Blinc Group, the first business incubator for brands specializing in vaporizer and cannabis consumption technologies, “Most outsiders to the cannabis industry would be surprised to hear that revenue from cannabis taxes are twice as high as revenue from alcohol taxes. Colorado pulled in nearly $109 million in cannabis taxes in 2016, thanks to its $1.3 billion in sales, while the state only collected $44.5 million in alcohol taxes.
Cryptocurrency and marijuana are disrupting together.
“Most people are unaware that 70% of cannabis companies do not have bank accounts,” points out Danny Davis, Investment Partner at Convectium, a branding, packaging and equipment solutions company for the legal cannabis industry. “It is difficult for many companies in the cannabis market to make or even accept payments due to limitations by federal banks.
California Treasurer John Chiang told me Friday, ‘We are talking about an industry expected to come short of $7 billion beginning in 2018, with expected tax revenues of approximately $1 billion. This is trouble waiting to happen.’
This is why the industry is set up for cryptocurrency disruption.”
Marijuana is leading innovation.
Mike Weiss, President/Founder of Nature’s Dream, whose Cannacopia mobile app enables users to discover the varying effects of different marijuana strains, “There are over 7,500 different cannabis strains available throughout the world, and each provides a different effect. Given the variety of types, many companies within the space are innovating new methods of helping consumers identify the strains that are best suited to their preferences.”
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