Pot Boom Drives Sales in Packaging, Warehouses, Accessories

Image: Pot Boom Drives Sales in Packaging, Warehouses, Accessories

Thursday, 08 May 2014 03:16 PM

By John A. Oswald

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Every cloud has a silver lining. Or so the old phrase says.

And with marijuana now legalized in one form or another in more than 20 U.S. states and the nation's capital — and with Americans puffing away — entrepreneurs are finding some gold and platinum ones in those clouds, too.

Without ever having to get involved in the growing and transporting of the cannabis itself, businessmen and -women are cashing in on all the "extras" that pot-users crave, The Los Angeles Times reports.

From containers for customers to carry their legal stash in to the vast array of plant products suppliers need to grow the stuff, there seems to only be increasing opportunities.

"I go to sleep very easily knowing the DEA is not going to kick down my door," says 35-year-old Ben Wu, whose California startup Kush Bottles sells child-resistant containers.

Wu tells the Times that he gave up a career in private equity. He now tells people he is in "pharmaceutical packaging" when asked what he does, the Times says.

Wu and others say the fact that the federal government still criminalizes pot, as do most states, keeps them out of any roll in propagating weed.

Selling and renting space to the growers is another story.

In Colorado, where recreational marijuana is fully legal, warehouse owners are also cashing in, sometimes making more than double the market rate renting to growers looking to set up vast indoor farms.

After closing a cash deal in Denver for a 40,000-square-foot warehouse, broker Bob Costello crowed: "It's totally nuts!"

"Anything I can find, I can sell immediately. Normally industrial buildings could sit on the market for months or years," he told Bloomberg.

If fully legal, the cannabis industry would generate $20 billion a year, Harvard economics professor Jeffrey Miron tells Bloomberg.

Newsmax magazine uncovers the full extent of the cannabis legalization movement in a special report titled The United States of Marijuana.

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