Agricultural Company Terra Tech Gives Us The Scoop On How To Get Started In The Marijuana Business
Now that Colorado has legalized recreational marijuana use, it has become a booming business in that state, with entrepreneurs popping up with new ideas, new lifestyle coverage for the local papers, and a revelry in the cannabis life that was on display for this weekend’s celebration of 4/20 Day.
While we can make all sorts jokes about getting high, there are lots of opportunities to get rich (or at least to make a good amount of money) by building a business in this new and quickly growing industry. The latest stats we found show that cannabis is a billion-dollar business now and will grow into a multi-billion dollar business within the next few years.
Terra Tech is broadening its agricultural business by moving into the cannabis business, hosting an open house last Thursday to show off its greenhouse, operated through its wholly-owned subsidiary Edible Garden.
“Some have estimated that it will be upwards of a $100 billion industry,” Derek Peterson, CEO of Terra Tech told us via email. “There’s also an emerging trend of eco-friendly products, which is part of the reason we’ve decided to set up eco-friendly cultivation facilities to be able to produce the highest grade cannabis possible in a responsible way taking advantage of natural light.”
Located in Belvedere, NJ, Edible Garden grows herbs and greens in eco-friendly ways for restaurants and local supermarkets. Eventually, at this new state-of-the-art greenhouse, the company would like to add cannabis to the list of offerings.
With more states likely to legalize marijuana, now’s a good time to think about some of the business options available to an entrepreneur looking to get into this business.
“There are many different niches of the cannabis industry,” Peterson wrote. “We’ve targeted the cultivation sector because we feel production will be one of the largest sectors in the industry. I’ve gone from Wall Street to the cannabis industry because of the opportunities of this emerging market, and investors are becoming increasingly more interested in this industry as well. There doesn’t seem to be a lack of people interested in the industry, but finding the right players to align yourself with can be tricky.”