Two weeks after becoming legal in California, sales of recreational marijuana are about to start in Los Angeles.
2018 is going to be a historic year for recreational marijuana, but there’s still much work left to do in terms of policy. In fact, the first six months might be more of a transition period given the size of the market and that most cities and counties are still scrambling to establish regulations.
Expect to see a rise of companies looking to service the marijuana industry, especially in the tech sector, where people are reimagining how business is done. In today’s retail market, consumers expect convenience, such as online shopping and on-demand delivery. With a growing customer base, businesses need customer relationship management systems and marketing automation platforms to manage books, promotions, or loyalty programs.
Keep an eye out for ancillary businesses targeting the industry by developing new marketing and sales tools, advanced home grow systems, research & data platforms, apps and more. With startup hubs in San Francisco, Silicon Valley, Los Angeles, and San Diego, there’s a lot of possibility for growth in the industry with ample opportunity to become the next “Uber” for weed. Pay attention to the fast-growing cannabis economy and consider taking stock. With a rising customer base and consistent sales growth, marijuana stocks will certainly have investors seeing green
WHTC in Studio City already sells medical marijuana. It has received the first recreational license to sell from the city; however, it is still waiting for final approval from the state.
Monday morning, WHTC rolled out new signs on the front of its Studio City store. Owners hope to open for recreational marijuana sales in the near future.
"We are waiting state approval so we can be an adult-use, fully recreational store. As of right now, we are strictly medicinal, so just waiting on the state. We've already got the city's approval," said Allen of WHTC.
For now, the city is only accepting applications from existing medical marijuana dispensaries. One of those is Mother Nature's Remedy in Woodland Hills. It received a temporary approval permit from the city.
"We have filed only for medicinal. I'm going to wait and see how things play out in the city and then apply for recreational," said David Slocum of Mother Nature's Remedy.
Slocum said his focus is on medicinal uses. He has a separate facility which has herbs, natural juices and teas. He believes cannabis is simply another choice.
"These things are helping people all over the world not just here in America, so I think it's time that we start allowing a lot more testing and we start really getting into the science of cannabis," Slocum added.
The new reality of marijuana is dealing with legal issues and government regulations. Marijuana sales are still illegal at the federal level and it is something these businesses have to deal with.
The business owners were hoping to get word from the state sometime Tuesday, so they can begin sales.