Marijuana Business News

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Mon
06
Apr

Potential pot growers struggle with New York’s new rules

Rush of growers expected, but only 5 will be approved

Gary Smith grows millions of pounds of tomatoes in a greenhouse in Niagara County, but he is fighting the clock to rotate in a different crop soon so that he can harvest in time for sale next January. His new crop: marijuana.

Or, at least, he hopes it will be.

Smith is among hundreds of people poring over regulations the state Department of Health released last week that paves the way for medical marijuana to be sold in New York State by early next year.

The complex set of rules sets in motion an application period that is expected to see a rush of businesses trying to get a foothold in the state’s medical marijuana industry.

Mon
06
Apr

The Best Stocks to Invest in Marijuana

The 2014 elections created a lot of excitement among marijuana supporters, as voters in Oregon, Alaska, and the District of Columbia expanded the number of jurisdictions allowing recreational marijuana use. 

Mon
06
Apr

A DC doctor makes medical marijuana a specialty

Twice a week at the office of Patrick Fasusi, District residents line up to ask the pain specialist to approve their use of medical marijuana. For most, the brief wait in the lobby is longer than their consultation.

As marijuana, which became legal for recreational use in the nation’s capital in February, continues to morph from contraband to commonplace, Fasusi’s clinic is a window into the ease with which some residents have been buying officially sanctioned pot for more than two years.

Mon
06
Apr

Red Flags For Entrepreneurs Considering A Legal Cannabis Franchise

It was only a matter of time before the emerging legal cannabis industry began using one of America’s most popular business methods for rapid growth — franchising. This startup sector is wide-open spaces right now, and full of interesting players looking to grow fast and establish a national brand name.

The quest to franchise a legal cannabis business is even the subject of an upcoming CNN reality-TV series, High Profits, about Breckenridge Cannabis Club in Colorado.

Mon
06
Apr

Influential Colorado lawmaker: 'We will see ​c​annabis ​c​lubs similar to bars'

 

Rep. Jonathan Singer, D-Longmont, has been a leading voice on how Colorado’s medical and recreational marijuana industries are regulated, carrying most of the most important bills and providing testimony and experts on nearly all of them.

Singer, 36, has represented House District 11 — which also includes northern Boulder County, most of Niwot, Allenspark and parts of Lyons — since 2012. He has undergraduate and master’s degrees in social work from Colorado State University. He is a former board member for the CSU Drug and Alcohol Task Force and the CSU Counseling Center.

Mon
06
Apr

Marijuana-friendly lodging fires up in Colorado

This sign at the First Inn of Pagosa Springs, Colo., subtly alerts customers that they're welcome to consume marijuana on the premises.

BOULDER – Colorado's marijuana tourists quickly run into a harsh reality after stopping at one of the state's approximately 330 marijuana stores: Most hotels and ski condos prohibit indoor smoking of any kind, never mind the "kind" kind.

Enter Sean Roby and his new website, Bud and Breakfast. Roby aims to make his site the Air BnB of marijuana-friendly lodging, connecting visitors with homeowners willing to let their guests partake of legal marijuana. The site has about 50 listings from around the globe, with many in Colorado, and is an outgrowth of Roby's existing of "Taste of Travel" company.

Mon
06
Apr

Looking for a job in the legal marijuana business? There's an app for that.

Marijuana is one of the few sectors of the American economy where the jobs are, but how to find that pot dream job? There's an app, of course.

WeedHire.com, a site that's looking to become the Monster.com of legal marijuana jobs, this week released the world’s first iOS app to help people find a job in the pot industry. The site, launched in May 2014, released an Android version of its app in September. 

“Marijuana is not that different than other industries, and it’s not just about the plant. There’s a need for people to work in accounting, finance, legal, HR, etc.,” said David Bernstein, a former electronic-waste executive who founded WeedHire.com.

Mon
06
Apr

Chicago businessmen follow promise of medical marijuana

CHICAGO -- Late one Saturday night, Rob Sampson had a confrontation with his 15-year-old daughter about marijuana. But it was his daughter doing the confronting and it was Sampson defending the drug.

Sampson and his wife, after a long night of polishing his new company's applications to grow medical cannabis, returned to their suburban Chicago home to find their daughter waiting up. They hadn't yet told her their business plans.

"She said, 'What is going on?"' Sampson recalled. "'I know something's going on and you guys aren't telling me."'

Mon
06
Apr

Marijuana Industry Payment Platform Wins Strategic Relationship to Deploy Technology

SAN DIEGO, March 31, 2015 (GLOBE NEWSWIRE) -- Global Payout, Inc. (OTC Pink:GOHE), a leading provider of international electronic payment solutions, announced today that it has entered into a strategic relationship with CannaTrac™ Technology, Inc. (CannaTrac™) for the deployment of Global Payout's closed-loop marijuana industry payment platform. As announced on March 18, Global Payout has developed a closed-loop payment system that resolves the unique challenges present in the fast-growing medical cannabis and recreational cannabis industries by reducing the risks associated with cash transactions, and by solving the crucial payment and transaction execution issues currently plaguing the industry.

Mon
06
Apr

Unusual Challenges Facing Legal Marijuana Businesses

Medical marijuana is legal in 23 states. Nine more states—including Pennsylvania—have medical marijuana legislation pending. The legal marijuana industry is big and growing rapidly; it is projected to generate annual revenues of over $8 billion by 2019. Given this rapid growth, many entrepreneurs are exploring entering the market. These would-be marijuana growers, processors or distributors quickly learn, however, that the legal marijuana industry poses unusual challenges. Some of these challenges are discussed in this article.

Legal Marijuana is Illegal

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