‘Steinmetz says that as cannabis moves out of the black market, customers want to know more about it. “The next step in the evolution of the industry is to know where it is coming from — who grew it, where they grew it and how they grew it,” he says.’
As the cannabis industry continues to grow in California and across the US certain aspects, such as where the plant is grown will likely be key differentiators for up and coming companies. In addition to the specifics of how the plant is grown there has already been a change in addressing the plant by its formal name, cannabis, instead of weed or marijuana. More changes are expected as this industry develops and transforms.
‘Swami estimates that the annual cannabis crop in Mendocino is worth between $2.6bn and $5.4bn at wholesale prices, a lifeline for the farmers. “It is the last refuge of the family farm,” he says. “You go into the wilderness, you work hard and you come back with your crop. In some crazy way it is the American dream.’
Everyone wants to jump on board as the cannabis industry booms with the hopes to be the one that sweeps the market. So far start-ups have popped up all over California and Colorado.
“Silicon Valley lies 300km south of the farmers’ market but its presence is clearly felt. Marijuana is the latest craze to sweep through the tech world, as entrepreneurs and investors look to cannabis to be the next big thing.”
In California the cannabis industry looks a bit different than other states with legal medical marijuana. A lot of tech-based companies are partnering with dispensaries providing software, apps and big data.
“Investments in marijuana-related companies have reached $200m over the past 12 months, quadruple the levels of the previous year, according to CB Insights, a venture capital database.”
One company that has taken off is Ezae which delivers cannabis to your door, the model is similar to Uber. As more dispensaries open up across the US it will be vital to find ways to make yourself unique such as offering delivery or finding a unique niche in the market.