Marijuana legalization's created a number of new business opportunities in the various places where it's allowed. But while most people probably just think about dispensaries or smoking products benefiting from these laws, there's one industry that's also seeing a major boom: Edibles.
Nancy Whiteman is one person who's taken advantage of marijuana legalization. When Colorado began allowing recreational marijuana, Whiteman started "Wana Brands," which sells cannabis-infused confectionaries. She sells sour fruit gummies, salted caramels, hot cocoa, and bright lozenge "jewels" all infused with various levels of THC. Whiteman and her husband began experimenting with products seven years ago before finding a hit with marijuana-infused gummies. Last year, Wana Brands brought in $8 million in revenue and projects to bring in more than $12 million next year.
Whiteman sells marijuana, but don't just assume she's a stoner. Whiteman's received a science degree and an MBA. And she didn't really use cannabis products before starting her business. But today she partakes in her business's good every once and awhile.
Today, Wana Brands sells products in Colorado, Nevada and Oregon with plans to expand to Massachusetts, Illinois and Arizona if/when those states legalize marijuana for recreational use.
Since marijuana is illegal at the federal level, she can't ship her products to other states. She also can't refer to her products as "candy" since that would be appealing to children and they can't sell goods where THC isn't evenly distributed throughout.
Whiteman says it was earlier to start an edible business in the early days of marijuana legalization since there was less competition. Today, the market is more saturated and it's can be harder to standout. Luckily Wana Brand's reputation has helped it continue to grow despite greater competition.
So it's pretty safe to assume Whiteman's products are a lot better than whatever recipe that you find online.
Source: Veronika Bondarenko