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Home 🌿 Marijuana Business News 🌿 Can small businesses really cash in on the legal pot boom? 🌿Can small businesses really cash in on the legal pot boom?
When Washington state legalized recreational marijuana, libertarian James Lathrop saw running a dispensary as something of a political duty. Indeed, Lathrop, the owner of Cannabis City, Seattle's first legal pot shop, is known for declaring "free the weed" just before opening his doors on July 8, 2014.
Lathrop also saw the new industry as an "incredible opportunity," he told The Week. Of course, he wasn't alone. Forbes hailed legal cannabis as 2015's best startup opportunity because, after all, "The U.S. economy doesn't spawn an entirely new industry very often."
It's a fast-growing sector, for sure: When the first two states — Colorado and Washington — legalized recreational weed in 2014, the regulated market (which had only included medicinal pot before) jumped to $2.7 billion in 2014, up from $1.5 billion the year before, according to an Arcview Market Research report. Today, with recreational use now legal in four states plus Washington, D.C., and...
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