[ View the story "The budding business of marijuana" on Storify] The budding business of marijuana As marijuana use goes mainstream, new businesses are sprouting up to cash in on the Kush craze.
AJAMStream· Fri, Mar 28 2014 14:27:39
A 2013 Gallup poll shows that a majority -
- of Americans believe marijuana should be legalized. The legalization of marijuana for recreational use in Colorado and Washington state, along with medical legalization in
20 additional states
, demonstrates a significant shift toward the normalization of marijuana use.
The Trend Line: Support for Marijuana Legalization Reaches All-Time Highgallupnews
According to the New York Times, at least 14 states are
new medicinal marijuana legislation this year and 12 states along with the District of Columbia are contemplating decriminalization.
As more of the country becomes open to the idea of marijuana use, whether recreational or medicinal, business are rushing to cash in to what could potentially be a more than
market this year.
In its first month of legalization, Colorado made roughly
in marijuana taxes and roughly $14 million worth of recreational marijuana was sold from 59 businesses.
The road to success has not come without obstacles. State and federal regulations are making it difficult for marijuana start-ups to flourish.
will not deal
with marijuana business, in fear of retribution from the federal government, making businesses cash-only.
@AJAMStream vendors face most danger, with cash-only transactions due to bank issues. now #marijuana businesses are major targets for crime.Atlas Beck
Additionally, marijuana businesses are required to pay taxes, but cannot deduct expenses associated with selling something 'illegal'.
@AJAMStream best next step is to make banks treat the entrepreneurs of the cannabis industry like any other business person, not criminals.Atlas Beck
Under pressure from the federal government, Washington state is
that would effectively put restrictions on medicinal businesses. Restrictions could impact the amount of cannabis patients can keep or grow, end collective cannabis gardens and require users to register with the state.
Users and dispensary owners fear that regulations will discourage the legitimate use of the drug to treat illness and pain.
When asked about marijuana regulation, The Stream community weighed in. Some worry about the effects of corporate culture on the marijuana industry:
#AJAMStream I suspect that there will be a group of specialty-product entrepreneurs & a big uptake by agro-business taking the lions sharePaul Henkel
@AJAMStream Corporate means they'll abuse migrant workers, make it weaker/cheaper so local growers are forced out & add harmful chemicalsJ. (Nintendo) T.
@AJAMStream true acceptance is still far away. Bank issues - all "legal" transactions must be done with cash due to bank restrictions.Osman Noor
While others believe regulation is a positive step in the process of legalization:
@AJAMStream it's a necessary evil. All medicines & intoxicants should be regulated for safety but over taxation supports crime #AJAMStreamMarco Dominguez
@AJAMStream I feel that legalization of cannabis will drastically change the economy & create low skilled jobs that Americans want & needMarco Dominguez
@AJAMStream Regulated industries are, in general, more trusted as there is government oversight #AJAMStreamMark C. Wills
What do you think? Leave your thoughts below!