The ‘Green Rush’: Investing In the Marijuana Industry Is A Profitable New Trend
Marijuana legalization in two states and the growing number of areas with medical marijuana laws have spawned a “Green Rush” in America. Even though federal law still prohibits both the sale and possession of pot, that has not stopped some clever entrepreneurs from cashing on in the demand for cannabis.
The medical marijuana industry was worth approximately $1,7 billion in 2011, according to the Huffington Post. Prescription cannabis sales in Colorado alone surpassed $181 million in 2010. Snack vendors are not the only one able to make a quick buck on the marijuana legalization trend in the United States.
GrowOp Technology CEO Derek Peterson refers to the growth of pot-related businesses as the Green Rush. Both online and brick-and-mortar businesses are realizing the benefits of making money off marijuana without actually selling or growing the organic drug themselves.
There has reportedly been a steep increase in tools and products used in the cultivation of indoor plants. Gardening and seed growing tools are not just seasonal items purchased primarily by rural residents any longer. Companies offer light fixtures, organic planting materials, containers, and other equipment necessary for growing on both a small and large scale have experienced a surge in sales.
A total of 18 states currently allow medical marijuana dispensaries. The growers and clinics are helping local businesses and creating jobs every time a state thumbs its nose at federal law and sanctions monitored distribution of cannabis.
Medbox is reportedly selling its patented dispensing machines to medical marijuana dispensaries for quick service. The machines dispense set dosages of marijuana after scanning the patient’s fingerprint, according to the Wall Street Journal’s Market Watch.