Monday, February 23, 2015
One of many reasons I find the emerging marijuana industry so interesting is due to the diverse and unpredictable nature and background of those interested in marijuana businesses. This reality is well covered today in this notable local New York story headlined "From Wall Street to moms, business of marijuana attracting diverse set of entrepreneurs." Here are highlights:
Rachel Jones, 24, is a stay-at-home mother from Syosset, Long Island who quit her six-figure job and started her own business hoping to ride the marijuana wave. “I see myself as an entrepreneur,” Jones said.
Her business experiment Juana Box launches in just a few weeks, shipping boxes of smoking accessories – glass pipes, rolling papers, vaping pens – across the nation. However, the one key ingredient missing is marijuana.
This new mom currently markets tobacco use only to those over 19, but she’s poised to blow her business, partnering with marijuana growers and dispensaries, anticipating recreational pot will soon be sold in New York and across the U.S. “In a few years this could be a factory and I could be hiring other stay-at-home mothers,” Jones said.
From one woman entrepreneurs to well-funded multi-million dollar businesses, marijuana is no longer just a pipe dream. From growers to CEO’s, this business, estimated to be at $46 billion by 2016, is expected to grow 700 percent over the next five years.... Bethanny Frankel of Real Housewives fame, plans to use her Skinny girl cocktail fame to launch a Skinny Girl marijuana – guaranteed not to give you munchies. Even Wall Street wants in....
Leslie Bocksor started a hedge fund company dedicated to pot. He expects it will soon cap out and he’ll need to open another and says business opportunities are mind-blowing. “They are incredibly excited to be investing in it,” Bocksor said. “We haven’t seen an opportunity like this that even compares since the birth of the internet back to the mind to late 90’s.”
“People are spending money on cannabis–hundreds of millions of dollars,” Bocksor said. “They’re probably spending three times as much as that on flight, on rental cars, on hotels and restaurants and on shopping. The economic impact is extraordinary.”
And all those businesses need workers.