Marijuana is one of the fastest growing businesses in the United States. As more states are legalizing medical marijuana and recreational marijuana, there is a brand new, uncharted market for would-be entrepreneurs and established professionals to enter. Demand for medical marijuana and related products, like marijuana vaporizers (see https://www.vaporplants.com/vaporizers) and portables, is on the rise, and a number of new start-ups are being launched in hopes of meeting these demands.
A New Opportunity
A number of savvy business people have left corporate jobs in order to launch their own marijuana business startups or work for up and coming marijuana companies. Examples include Derek Peterson, a Wall Street executive who founded Terra Tech, the first marijuana industry company to become publicly traded, and Victoria Rudman, the Chief Financial Officer of Kalytera, a company that makes medicinal marijuana compounds, who worked at Bear Stearns. There is also Steve Berg, the Chief Financial Officer of OpenVape, a marijuana vaporizer company, who previously worked for Wells Fargo. The founders and designers of the ultra popular, trendy Firefly vaporizer left behind jobs in Silicon Valley to start their portable vaporizer company.
While their backgrounds may be diverse, these successful business people all see the unparalleled potential for growth in the marijuana industry. Some may see their moves from Wall Street and Silicon Valley as risky, but with sales of marijuana vaporizer products and medical marijuana booming, they seem unlikely to end up regretting their decisions.
Navigating the World of Marijuana
Whether you’re considering the founders of the Firefly vaporizer, or the CEO of a medical marijuana supplying company, business people who move to the legal marijuana industry have to face a whole new set of challenges. While marijuana is legal for medicinal and recreational use in many places, it is still criminalized in others. This means that there are a complicated set of regulations and laws that companies must adhere to and their executive teams must be aware of.
Each company must take their own approach to navigating the laws and regulations currently imposed on the marijuana industry. For example, while the Firefly vaporizer is clearly suitable for use as a marijuana vaporizer, the product is not marketed as such. Instead, Firefly advertises the Firefly as a portable vaporizer for tobacco. Founders have stated that while they support the customers’ right to choose how to use their products, they intend for their vaporizer to be used as a substitute for cigarettes. This distinction allows the Firefly vaporizer to be advertised through channels that are otherwise unavailable for marijuana products.
Firefly, Kalytera, and Terra Tech are just some of the many start-ups that have launched over the past few years to meet the demands of medicinal and legal recreational marijuana users. As demand continues to grow, and laws continue to allow for more people to legally benefit from weed, the number of start-ups will also undoubtedly continue to rise.