As California Votes to Legalize Weed, The Drug’s Tech Industry is Enjoying High Times
The US marijuana industry is lighting up. America now has 8.4 million regular cannabis users, up from half that in 2002. Thanks largely to legalizations in Alaska, Washington, Oregon and Colorado, the market is now worth $7.2bn, and it is growing at an annual rate of 29%.
Earlier this month marijuana executives met at the New West Summit in San Francisco. Experts told Red Herring the event felt like an awakening, for an industry that has hidden in the periphery of the US economy for decades.
Even renowned British entrepreneur Sir Richard Branson had his say at the summit. “I certainly would be out there in this industry,” he told attendees via a Skype linkup. “It has enormous potential with the ability to do a lot of good.”
That the event took place at the home of American technology was no accident: while marijuana innovation to date has largely focused on edibles, strains...
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