Supplying marijuana for medicinal use is already a well-established industry in Canada. Now, as recreational use of marijuana becomes legal in more U.S. jurisdictions, major money and marketers are getting behind some of the emerging marijuana brands.

The first thing you need to know when marketing marijuana to mainstream consumers is not to call it marijuana. Corporate brand managers prefer the term cannabis, which sounds more scientific and doesn't carry as much hippie-counterculture baggage. Even worse, of course, are terms like weed and pot.

Apparently Willie Nelson didn't get that memo. He released this new single on April 20 — the counterculture cannabis holiday — to coincide with the announcement of plans to launch Willie's Reserve. The new brand of cannabis will be developed by Nelson in conjunction with "master growers."

Willie's Reserve is only the most recent cannabis brand with major marketing behind it. The current market heavyweight is Privateer Holdings, which received financing from a Silicon Valley investment fund in January....