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Finally …
Legal cannabis is one of the fastest-growing industries in our lifetime. It’s currently a $7 billion market, with revenues projected to reach $22 billion in 2020. This will double in three or four years, with medical/pharma taking comprising half that value. But this could be vastly understated.
The Canadian Government is estimating an US$18 billion market by 2024 for that country, with up to 650,000 medical cannabis clients. (And Canada’s population is just 1/10 of the U.S.)
Cannabis unique in a number of ways, but mainly this: Cannabis’ R&D and acceptance was held back for a half-century by Nixon’s War of Drugs. Now with the legal roll-back, the flood-gates are opening, and everything is happening within a relatively short time-frame. (Like the liquor business after Prohibition, only far greater because of the medical/pharma component.)
It looks pretty good, doesn’t it? So much opportunity … in so many related areas … all happening so quickly … making so much money — oh yes, while also creating so many dashed entrepreneurial hopes.
Granted, there are all kinds of cannabis ventures out there that could never make it, no matter how much funding they got. The entrepreneurial teams just aren’t competent. (What else is new?!!)
But there ARE cannabis startups that could be great, could become a major player, and could make a ton of money for all concerned. Trouble is, in many cases, it won’t happen because they couldn’t find their funding — and that would have been a real missed opportunity.
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Patrick W.H. Garrard | [email protected] | www.pwhgarrard.com