Posted on

growing weed business

Just like the attitude about the film has changed, so are people's feelings about marijuana itself. This is especially true as we learn more about the drug and the apparent benefits that come with using it for medical purposes. Once considered an illicit substance, it is still deemed a controlled drug under federal government guidelines. But the stigma is being shed at a breathtaking speed, and it appears marijuana is on its way to the mainstream.

Key Takeaways

It’s true CBD is having its moment. The term “CBD gummies” was the third-most searched food-related term on Google in the U.S. in 2018. Large companies like Corona owner Constellation Brands (STZ.B) and Marlboro cigarette maker Altria Group (MO) have bought multibillion-dollar stakes in marijuana companies. But forecasts for the CBD market argue this isn’t just a temporary wellness craze.

Policy Reform

Under federal rules, it is also illegal to market food products or dietary supplements that contain CBD, but the FDA indicated that may change in the future. In a December 2018 press release, it said, "Although such products are generally prohibited to be introduced in interstate commerce, the FDA has the authority to issue a regulation allowing the use of a pharmaceutical ingredient in a food or dietary supplement. We are taking new steps to evaluate whether we should pursue such a process." The statement was published after the Farm Bill legalizing the regulated production of hemp, another source of CBD was passed.

Growing weed business

Narrator: And then there’s a whole other set of regulations for turning marijuana into edibles. Based in Denver, Wana Brands is one of the top THC gummy makers in the country. It launched two years before Colorado legalized recreational marijuana.

Jeannette: Because of it being a federally illegal substance. So banks won’t loan for that reason.

Nancy: I like to say it was kind of the Wild West in Colorado back in 2010. There really were not a lot of regulations in place.

Narrator: But if a business makes a mistake .

Will: So we weigh it wet, we weigh it dry, and then we weigh the waste from each plant and enter that in. It’s making sure that every single part of the plant is accounted for. It’s a pound of that Gelato, baby.