The New York Times recently highlighted that the marijuana industry is made up of start-ups. The differences in state laws make it hard for big businesses to operate. Large firms are afraid of any stigma associated with mail order marijuana and some are afraid of quickly changing territory since the market is so new.
The marijuana industry is being hailed as a green rush, modeled after the 1849 California gold rush. Furthermore, industry analysts are saying there are plenty of ancillary businesses raking it in. Leafly, called the Yelp for pot, high tech vaporizers, growing and cultivation innovations, and vending machines that take metrics and dispense medicine are just some of the innovations the industry has come up with today. There are conventions, business schools, and even lobbyists in Washington. ArcView Group co-founder Troy Dayton, a pot venture capitalist, told the Times, “You can’t find another industry growing at this clip that doesn’t have any major players. That gives the little guy a chance to make a run at this.”
These are people that have businesses related to marijuana without having a license to operate that business. t register with the state. USA Today recently reported witnessing, “illegal Craigslist pot deliveries to a marijuana vending machine and a food truck selling pot-infused sandwiches.” Pro-marijuana lobbyist Mike Elliott told USA Today, “There were a lot of opportunities (in gold) to get rich, but a lot of people froze to death and starved to death. There’s a lot of opportunities (in the marijuana industry), but a lot of people are going to try and fail.”
Still, millions are being invested and businesses are popping up everywhere. Furthermore, the industry is going to get a lot bigger. Florida voters decide on legalizing medical marijuana in November. The Sunshine State is expected to be the biggest market yet, as a recent Gallup poll found that voters by a landslide supported the initiative. Oregon and Alaska will also likely legalize weed. Other states such as New York, Nevada, Illinois, and Minnesota are just starting to get the legal framework together to initiate their medical programs. It will be interesting to see how the market grows and whether some big players will rise up out of the start-up landscape.