Washington State issues pot licenses
Mon 07 Jul 14 | 11:40 AM ET
Dan Danko, High Times Magazine senior cultivation editor, discusses the legalization of pot sales in the state of Washington. Danko also reveals who he thinks will be the next two states to approve marijuana.
we have been through this with colorado. huge story of shortages expected. what are you looking for? shortages is a short-term problem. they will be able to produce enough for the demand very soon. the problem was they weren’t ready gearing up to this because they didn’t know everything about who would have the proper permits and regulations. 20 doesn’t sound like a lot. will that grow? oh, absolutely. when people see the revenue generated and the tax that is are generated, and also, on the flip side, the money that isn’t being spent in prosecution and things like that, other states are going to jump right on board. we view this as a step in the right direction for full legalization nationwide. danny, what about banking infrastructure? what’s the banking regulations? how big can it get until it’s it’s off to right now because fixed? banks encouraged not to work with the businesses and trouble to find places to put money. so they’re putting it back into the business and growing their businesses sort to speak and once the banks, you know, once the federal government sets up a regulation system that the banks can participate in, then i see the sky’s the limit. all still cash, right? basically still cash business, it is. they take credit cards, as well. it is a cash business and we have had events two years in a row in seattle, cannabis cups put on there and we have seen just in the two years the tremendous amount of growth potential that’s happening in those states so we’re excited about it and we think more states will jump on. speaking of which, people may look at colorado. i’m from colorado and washington and those two states have their own culture in a way. what’s the first state that would approve this where you would say it’s gone national? in terms of national mood. that’s interesting. we’re seeing that probably oregon and alaska are probably the next two states. california in 2016 and all those are states like you said. i think if a state like new york went legal, you know — you mean on retail? yeah. recreational basis and medical and just got today, actually. yes. i think that would really — a big state with a lot of residents a long way to showing the potential. how’s the business of marijuana media changed over your 14 years of being at high times? can you get major advertisers, autos, into the magazine now? absolutely. we are getting a lot of music industry people. movie industry that are courting the marijuana user market. and that’s only going to grow as these companies see the potential because, you know, we’ve been fueling a lot of companies that haven’t advertised and now the doors are open for them to join us.
Washington State issues pot licenses
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March 17 (Bloomberg) — OpenVape Chief Revenue Officer Todd Mitchem discusses the success of a marijuana jobs fair on Bloomberg Television’s “Market Makers.”
O.Pen Vape presented the event : Where Are the Jobs in the Pot Industry ?
It was an exciting day.
We have about 1240 applicants come through the door.
15 countries from around colorado.
The whole idea was to start to open up the businesses in colorado to qualified job seekers.
Our industry moves at enormously quick pace.
The traditional methods of finding applicant can be very slow and can take months at a time to even get 4, 5, or 10 people in who are really qualified.
We wanted to deepen the pool people very quickly and just like any other industry, we saw the jobs fair opportunity and it was a huge success, as you have probably seen.
What skill sets are you looking for?
People who have experience in the business of wheat, that is a little shady.
I am not sure it is shady.
I am in that business.
No, it was really, we need a lot of jobs just like in any industry.
We need marketing professionals and administrative professionals.
We need scientists and phd level folks who are able to come in and work with the plan and the oils.
All across the industry, you have tremors and people who work at a dispensary, but there are a lot of other job opportunities and that was the other message of the jobs fair, to say there is a lot about cannabis in the industry of canada’s you out there do not know about.
There are a lot of jobs we need.
30 or 35% of people were from out of state.
These are people who really felt the movement of cannabis and wanted to be a part of the industry.
It is as much about the movement as job searching.
We wanted to create an awareness of what is available.
My first thought, and a lot of people are wondering if you need taste testers.
We call those research specialist.
No, — what kind of benefits are you talking about?
This is a tip will job where you get a paycheck and health care.
Are we talking about stock options?
What rdf is looking at?
X a great touch it.
It depends on the business you are working for.
Many of us are getting more progressive about our benefits packages.
With everything you just mentioned, insurance and stock options.
They’re coming with a lot of the players in the it certainly, paychecks, a place to work where you are accepted, and people view your cannabis use as ok.
You’re not vilified for it.
You do not have to vape or smoke pot to get a job at a lot of these businesses.
There must be people who do not smoke weed who are applying for jobs here.
We will not discriminate if you’re not a cannabis user.
If you are, we will not discriminate either.
It is a very open environment.
We have people who work for us who do not consume any substance of any kind.
No drug testing.
Drug tested, do you get that before you take any of the jobs?
Class not in our company or affiliated companies.
Certainly in some of the organizations i was hearing them talk about drug testing for drivers, people who would do towards or things of that magnitude.
Are all the jobs in colorado?
In this particular job fair they are.
On friday, i went to massachusetts.
We are looking for licensees in different states and massachusetts is one of them.
Organizers of the event were asking me to please ring a jobs fair to massachusetts.
Denver Business Journal / Employers slated to be at the event include
*Openvape - produces vaporizer pens.
*Walking Raven - medical marijuana dispensary.
*Denver Packaging Co. - creates cannabis storage units.Colorado’s Best - medical marijuana dispensary.
*CannaClassifieds.com - creates cannabis help-wanted ads.
*420 Tours - offers high-end, all-inclusive cannabis “adventure” tours.
*Dixie Elixirs - creates marijuana-related oils.
*Colorado Green Tours - a luxury, cannabis-friendly travel agency.
*Cannabis Hemp Academy - provides online training for fields related to cannabis and hemp.
*Southwest Alternative Care - medical marijuana dispensary.
*The Hemp Connoisseur - a cannabis-related magazine.
The Daily Ticker
Marijuana will be the single best investment idea of the next decade: Todd Harrison
Call it a drug trade for investors. Todd Harrison, CEO and founder of Internet-based financial media company MInyanville, thinks cannabis “will be the single best investment idea for the next ten years.”
But while the public has watched recreational marijuana take off in Colorado this year, how can they profit from it as an investment theme?
Harrison believes it will be driven by the broader legalization of marijuana, inspired by states’ need for tax revenue. He points to expectations that legal marijuana use is expected to generate $134 million in tax revenue for the upcoming fiscal year in Colorado, the first state to allow recreational marijuana. That’s nothing to sneeze at, and Harrison calls the state the “litmus test” for broader legalization. Harrison also cites the expected decline in crime rates and prison populations as powerful incentives to decriminalize marijuana.
The New York Times reports that half the states in the U.S., including some in the conservative South, are currently considering decriminalization of the drug or legalizing it for medical or recreational use. Oregon and Alaska are the likeliest to legalize pot next year. Twenty states now permit the use of medical marijuana now, while Colorado and Washington have legalized it for recreational use.
The legal marijuana market is estimated to grow 64% to $2.34 billion in 2014 from $1.44 billion, according to a recent report by the cannabis investment and research firm Arcview Group.
Wall Street currently doesn’t cover the marijuana market as an industry but once legalization is more widespread, that will be the inflection point when we marijuana investing moves mainstream, says Harrison.
But there are some “real” companies generating interest. Harrison cites the cannabinoid prescription medicine company GW Pharmaceuticals (GWPH) as an example. He’s not suggesting the stock as a buy or sell, just as an example he’s traded in the past. The stock has rallied more than 500% since last summer.
Advanced Cannabis Solutions (CANN), soared 62% in a single day when its stock chart was shown on CNBC earlier this week — even though it was a mistake, and the anchor was actually discussing another company in the cannabis industry, called CannaVEST (CANV). Advanced Cannabis Solutions leases growing facilities to legal marijuana growers and dispensary operators. CannaVEST makes hemp-based consumer products. (CORRECTION: An earlier version of this story said that Advanced Cannabis Solutions soared 62% in a single day when it was mentioned on CNBC earlier this week.)
"That’s more bearish than bullish," says Harrison, reminding him of the bubble levels reached back in Y2K days.
The comparison could cause would-be investors to bristle. Harrison says it’s about investors’ time horizon and risk tolerance. In the bubble of Y2K, everyone was excited about the Internet, he says, and everything they expected the Web to be proved true, but not until after the tech crash.
Harrison says investors should expects ebbs and flows in the marijuana industry. He sees a 10-year horizon with tremendous opportunity that will not be without “potholes, false starts and a lot of risk.” The moral of the story is to do your homework.
Others are more skeptical. Bloomberg reports Mark A.R. Kleiman, professor of public policy at the University of Southern California at Los Angeles, doesn’t “see how there’s money to be made producing an agricultural commodity,” which marijuana is, because once the market becomes competitive, prices will fall.
Other investors recommend avoiding these stocks until marijuana is legal throughout the U.S. Federal law still says marijuana is illegal, though the Obama Administration has said it won’t interfere with the rollout of legalized cannabis in individual states. And though the federal government has said that bankers following Treasury guidelines in providing services to cannabis companies operating in those states won’t face prosecution, many large banks still won’t process funds earned from pot sales.
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