Back in 2011, few cannabis investors were expecting the sector to mature into a $12 billion industry in just eight years.
Even Cassandra Farrington, co-founder and chief executive of Marijuana Business Daily, or MJBizDaily, admits she was taken aback by the pace of growth that has helped elevate her news site and conference business, MJBizCon, into a key service for those navigating this new legal sector.
There’s an unsettling sense of deja vu to recent headlines of big cannabis raids in states that have legalized, from California’s Emerald Triangle to Colorado’s Front Range.
The upswing on such raids in the latter recently won some national media coverage, which provides fodder for opponents of legalization — and for those who favor a more restrictive model of legalization, in which there is no right to home cultivation.
Chris Woods:
Every plant here has an RFID tag. And this is logged seed to sale.
John Ferrugia:
Chris Woods is President Of Terrapin Station, a company that cultivates and dispenses marijuana and THC products for both medical and recreational use. And this is what a legal pot business looks like, complete with special grow lighting.
Chris Woods:
There is a perpetual cultivation cycle that is happening throughout this facility.
John Ferrugia:
- Colorado revenue from marijuana sales experienced its two highest-grossing months in April and May, with roughly $24 million in total state revenue from cannabis each month.
- It took the state roughly three and a half years to reach the $500 million mark in total state revenue from marijuana sales, and just under two years to double the revenue source.
- Cannabis sales contribute to the state’s general reserve fund, as well as education and health care, including mental health services, and youth drug-prevention programs.
As New Jersey’s cannabis legalization talks continue behind closed doors — and some speculate they may fall apart — people in the Garden State are still lighting up joints. According to federal government estimates, 22.2 million Americans have used marijuana in the past month. And depending on where you live and buy, the cost can be considerable.
New Jersey isn’t trailblazing when it comes to legalizing adult-use cannabis, and that could end up being a blessing for the state.
While Gov. Phil Murphy didn’t carry out his previously stated plans to legalize by the end of 2018, the Legislature is close to passing a comprehensive bill that would permit adult cannabis use and strictly regulate its commercial production and sale.
Terrapin Care Station (TCS) became the first cannabis dispensary to open its doors in Longmont proper on November 19, 2018, and with over a month to settle in, they now enter the new year spreading deeper roots in the Longmont community.
Back in July of 2018, Terrapin was awarded one of four licenses to open a retail cannabis storefront in Longmont after city officials allowed for a new adult-use cannabis marketplace within municipal limits. The store operates out of a 3,500-square-foot space—a renovated former flower shop at 650 20th Avenue near 20th Avenue and Main Street.
Just like eBay Air Jordans, discount smartphones, designer bags, and anything else with a brand name that can be purchased on Craigslist or at a swap meet, a number of legal cannabis companies have had their branding and packaging counterfeited by foreign manufacturers and distributors, causing a flood of bootleg vape cartridges filled with untested and unregulated cannabis oil sold across the globe. As a result, the underground market has created a seemingly never-ending uphill battle for some of the legal weed industry’s leading companies.
Using Colorado retail cannabis sales data and Colorado population data, the OLS calculated the per person annual expenditure on retail cannabis to be approximately $194.61. If New Jersey experiences similar sales of recreational cannabis as Colorado, total retail cannabis sales for New Jersey could be approximately $1.753 billion. Applying the sales tax (6.625 percent) and new tax (5.375 percent) yields aggregate revenues of approximately $210.3 million annually.”
Through August 2018 – the most recent data available from the Colorado Department of Revenue – recreational marijuana sales topped $800 million and the state is on pace to surpass $1.2 billion by the end of the year.
That would represent a 12% increase over total sales in 2017.
The sales data alone do not reveal what’s driving the increases, though there are signs that suggest expanded access to rec stores and shifting consumer preferences may be at play.