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Cultivating a cannabis strategy

Despite the fact that marijuana remains illegal in the U.S. at the federal level, growers, machine builders and technology suppliers say the time is right to invest in this market.

Despite the drug still being illegal at the federal level, investors and growers are eager to get into the cannabis industry.
Despite the drug still being illegal at the federal level, investors and growers are eager to get into the cannabis industry.

On October 17, 2018, the recreational use of marijuana became legal in Canada, opening the door to what is projected to become a CAD $7.0 billion market by 2020 (USD $5.45B) according to New Frontier Data, a business analytics company that researches the cannabis industry.

And, despite the fact that marijuana is illegal at the federal level in the United States, the cannabis market is budding—to say the least—as investors and growers throw money towards start-ups in the states where medical and recreational sales are legal.

According to the PMMI report, Here to Stay or Up in Smoke? A Look at the U.S. Cannabis Market, the legal cannabis market in the states is projected to reach $24.5 billion by 2020. Right now, these cannabis companies employ about 100,000 to 150,000 workers, mainly in labor-intensive positions, the report says. And that means, as operations scale, these companies will need automation.

I recently spoke with the co-founder of grower Soulshine Cannabis, who attended PACK EXPO in Las Vegas last year looking to find a weigh filling and packaging machine. Another cannabis company, Coastal Canna based in Maine, recently attended MJBizCon with a similar purpose of finding equipment that will help the small company escalate into the 5,000-sq.-ft. grow room the company founders have set up as they await Maine law to lift the limit on the maximum number of plants the company can grow.

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