California marijuana industry is a '$25 billion opportunity'
MedMen likens itself, as many cannabis companies do, to an early tech startup. Its West Hollywood dispensary looks a bit like an Apple store, with samples of product in polished glass cases and information about each on iPads. In a grow facility in Sun Valley, north of Los Angeles, marijuana plants grow in coconut fiber, sustained by drip irrigation and marked by thin plastic labels stuck in soil. Beyond the dispensary and cultivation center, the company offers "turnkey management services" to others in the cannabis space and boasts a $100 million venture capital fund.
This is the future of legal marijuana in California: Diversification, slick branding and professional investment.
Marijuana is already as big a business as coffee and Indian gaming, with analysts estimating $30 billion in annual consumer spending. The trouble is, only one in every five of those dollars are currently spent on legal products. The rest, some $24 billion...
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