A Look Again at Ancillary Potential in Cannabis
It’s nothing new that the ancillary businesses surrounding this industry are set to thrive over the coming years. Anything from health and wellness services, IT management for the industry’s many programs, or the establishment of financial vehicles for investing—they’re all gearing up to become thriving support industries as Cannabis continues to expand. What happens, however, when growth is not only rapid, but unencumbered? In many situations, opportunity arises out of a need for a solution to a problem that most likely could have been prevented in the first place.
One such industry set to thrive because of these circumstances is within the hospitality sector. Residents and tourists alike have no place to consume Cannabis except in the confines of a private space. Public consumption is completely illegal and the only alternatives are the rare, often times expensive, consumption clubs which have just become a possibility. While behemoths like Airbnb already tout massive profitability in the mainstream hospitality industry, local offerings in legal Cannabis markets are going to realize massive market share in being able to cater to the onset of Cannabis-friendly guests. Locations like SmokIN Beds which offers comfortable, affordable, and legal accommodations for a Cannabis-friendly stay in Denver will be a pivotal part of the supporting Cannabis sector.
Colorado alone saw over 87 million tourists in 2017 alone, with a substantial portion of those visitors coming for the Cannabis or happened to try it while visiting. To be a top-of-mind brand for Cannabis-friendly staying while visiting one of the most trafficked cities in the country would be an immeasurable advantage.
Another opportunity born out of necessity, but yet to realize profitable opportunity has been waste management. The legal Cannabis industry is of the more wasteful, and next time we’ll look at some of the implications of such waste and hopefully identify some measures being taken to curb it.
The view ahead really is exhilarating. As we move towards realizing full blown acceptance and a total cultural desire at least for more information; normal processes and business practices will be disrupted. We just need to make certain our view of potential externalities isn’t blocked by our hope for a smooth road ahead.