• Home
  • MJNews @PRNewswire
  • CBDNews @BusinessWire
  • MJChannelOne
  • MJBA.net
  • MJHeadlineNews
  • Subscribe
  • Advertise
  • MJBA PR

MJNews Network

"The Voice of Legal Cannabis Since 2013"

  • Home
  • Business
  • MJNews By PRNewswire
  • CBDNews by BusinessWire
  • Legal
  • Events
  • BlPOC in Cannabis
You are here: Home / Business / Marijuana-Related Business Sees Growth As Pot Legalization Spreads

Marijuana-Related Business Sees Growth As Pot Legalization Spreads

December 16, 2013 by mjbusinessweek 1 Comment

COLORADO:  As legalization of marijuana grows, so too is the outlook of companies catering to the pot business.

One such firm, WeedMaps.com, a website that allows users to rate and review medical marijuana dispensaries, expects to post $30 million in revenue this year and increase that by 20 percent next year.

The company was started five years ago by Justin Hartfield, a pot smoker who also has a degree in computer science from the University of California at Irvine.

“I started it because I wanted to find where the medical marijuana dispensaries were in my area,” said Hartfield. “It was a very selfish thing for me and my friends, and it turned into a business.”

WeedMaps makes money by charging dispensaries for access to certain information, the ability to respond to reviews and getting professional photos and videos posted. Hartfield said he expects sales of $30 million this year to grow at least another $6 million next year now that the company has rolled out a new Groupon-style “Deals” option.

“It’s different than Groupon. We’re not trying to take a cut of the deal,” he said, “we’re just offering our dispensaries premium access at the top of our ‘Deal’ page.”

Marijuana, long a verboten product for legitimate businesses, is now challenging the business establishment itself.

Last week, the Treasury Department’s Bank Secrecy Act Advisory Group met in Washington to discuss a topic important to Washington state. It’s debating when and how to allow banking for marijuana growers and retailers in that state, along with Colorado, since both of them have now legalized recreational marijuana.

Banking is considered the biggest challenge facing the traditionally all-cash pot industry. Banks usually won’t allow pot entrepreneurs to open accounts, since their profits are still considered illegal under federal law. The Seattle Times reported last week that Treasury Secretary Jack Lew acknowledged the urgency and “serious challenges” facing the industry, but no decision was made.

At the same time, pot-related businesses like WeedMaps.com, that don’t involve direct contact with marijuana—and therefore don’t violate federal law—continue to grow.

Hartfield said he accepts cash payments from dispensaries, and he would even consider being paid in the virtual currency, bitcoin. “Why not?”

 

Read full article @ CNBC

Filed Under: Business, Recreational Tagged With: Bank Secrecy Act Advisory Group, Justin Hartfield, Weedmaps

About mjbusinessweek

Trackbacks

  1. Irvine catering says:
    June 10, 2014 at 10:35 PM

    Irvine catering

    Marijuana-Related Business Sees Growth As Pot Legalization Spreads

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Connect with Us!

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
  • Tumblr
  • Twitter
  • Vimeo
  • YouTube

Top Stories

New York Governor Hochul Announces Major Progress Toward Advancing Equity in Cannabis

Minority-Led Investment Team Chosen to Manage $200 Million Fund to Support Social Equity in Cannabis Industry Entity Headed by NBA Hall of Famer Chris Webber, Noted Entrepreneur Lavetta Willis, Financial Leader Suzanne Shank, and Former City Comptroller William Thompson Governor Also Announces Appointment of New York’s Cannabis Advisory Board Which Will Disburse Community Grants, Support Development of Read the full article…

Are You A Woman in Cannabis? CANNECTEDTV Wants to Share Your Story

The deadline for submissions is June 29th, 2022 ARIZONA:  The cannabis industry, much like other industries, has been historically dominated by men. 420MEDIA and CANNECTEDTV want to change that by giving women an outlet for their voices to be heard. “Chronicles Of Women In Cannabis” is a series for women to share their stories and Read the full article…

New York State Debuts Nation’s First Broadcast Cannabis Advertisement Focused on Social Equity

Public Service Advertisement Highlights Comprehensive Approach Being Taken by the State to Ensure Diversity in the New Industry Raises Awareness on Historical Disproportionate Enforcement as New York Builds Adult Use Industry Centered on Addressing Harms Caused by Prohibition   NEW YORK: The New York State Office of Cannabis Management (OCM) has released a public service Read the full article…

Colorado Department of Revenue Released Average Market Rates for Retail Marijuana Effective July 1, 2022

COLORADO: The Colorado Department of Revenue (CDOR) released the Average Market Rates (AMR) for retail marijuana effective July 1, 2022 until September 30, 2022. Two of the seven AMR categories increased this quarter, specifically bud allocated for extraction ($275) and immature plant ($12). Four of the seven rates decreased, including bud ($709), trim ($228), trim Read the full article…

Oregon Legislators, Law Enforcement, Licensees Tell OLCC “Illegal Cannabis Threatens All of Us”

Southern Oregon Hospitality and Wine Industry provide feedback OREGON:  Illegal marijuana activity has not only disrupted the legal cannabis industry, but it’s also jeopardizing southern Oregon’s wine industry, according to testimony the Oregon Liquor and Cannabis Commission (OLCC) heard this week. That was one of many issues that came to light during the Commission’s two-day Read the full article…

Are You A Woman in Cannabis? CANNECTEDTV Wants to Share Your Story

New York State Debuts Nation’s First Broadcast Cannabis Advertisement Focused on Social Equity

Colorado Department of Revenue Released Average Market Rates for Retail Marijuana Effective July 1, 2022

Tags

CA California Canada cannabis cannabis news CBD changing attitudes CO Colorado DC decriminalization dispensary District of Columbia end failed war on drugs end of failed war on drugs failed war on drugs Hemp I-502 legal cannabis legalization legal marijuana legal pot shop marijuana marijuana business medical cannabis medical marijuana mjlegal mjnews MJNews Network mjnewsnetwork.com mmj New York NORML NY OH Ohio OR Oregon politicians on pot recreational marijuana the business of cannabis the business of marijuana WA Washington WSLCB

Search By State:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

© Copyright 2014 MJBA Publishing · MJ News Network · All Rights Reserved ·