Within the next five years, the national legal market for cannabis is expected to reach $10.2 billion — maybe even more due to the industry’s rapid growth. At the 2015 Cannabis World Congress and Business Exposition, which took place in New York City from June 17 to June 19, cannabis businesses of all types showcased their latest and greatest products. One thing that many had in common: record profits thanks to the proliferation of legal marijuana businesses and consumers.
One cultivation business reported that an acre of cannabis crops could rake in $5 million per year; by comparison, their next largest crop, watermelon, only made them about $12,500 per acre and took up far more room. Another business that specializes in making machines that extract essential oils from fruits, spices, and other plants went from earning just $750,000 in 2012 to $9.5 million last year once the company focused on the cannabis market.
As with any other industry, cannabis businesses also get together to showcase their innovations. A number of businesses make appearances at cannabis industry events and conventions in order to network, promote their products and services, and stay current with industry trends. From marijuana business consulting firms to medical marijuana cultivating experts, there are all sorts of companies that look to exchange ideas at these events. Here are just a few different types of businesses that visitors may see at a typical expo:
Like the farm that made far more money with marijuana than melons, cultivation is taking off as businesses look for reliable (and sometimes local) suppliers. Cultivation is one of the first steps in the supply chain for cannabis businesses. Like any other cannabis business, though, they are also taxed in each state. For instance, in Washington, cannabis is taxed at a rate of 25% by the state for all levels, including cultivation, wholesale, and retail.
Cannabis consulting firms are popping up in states like Alaska, Colorado, Oregon, and Washington, especially, where cannabis has been completely legalized. Fourteen other states, meanwhile, have decriminalized certain amounts of cannabis, and 23 states and the District of Columbia have allowed for medical marijuana. Marijuana business consulting can include guidance for both recreational sales and medical cannabis dispensaries. Consultants may also focus on legal and medical marijuana marketing, licensing a marijuana business, and offering other cannabis business resources to entrepreneurs.
Cannabis Consumer Products
From edibles to vaporizers, there are all kinds of innovations being made in the cannabis industry. And it’s not only about selling actual cannabis to consumers, either. In Colorado, there were around 7,500 to 10,000 jobs created in 2014 alone that were either directly or indirectly related to the cannabis industry. That includes everything from products sold in shops and dispensaries to the swag found at industry events. (At the Cannabis World Congress and Business Exposition, for example, guests walked away with tote bags, lighters, grinders, t-shirts, and pens, among other freebies.)
Whether you need marijuana business consulting or advice on marketing your products, a cannabis industry expo may be the place to go to begin networking and sharing your ideas.