Marijuana Business Has Been Blooming
Nancy Whiteman’s considers herself as an accidental cannabis entrepreneur. Opening up Wana Brands back in 2010 has revenue millions for Nancy. Nancy and co-founder John Whiteman, started experimenting with different candy-making techniques and, with time, developed a product ready for the market: marijuana-infused gummies. The industry grew so fast that it brought the state more than $1 billion in profits in 2016. Wana Brands made more than $8 million that year. Today Wana Brands sells to Nevada, Colorado, and Oregon. Marijuana use is still illegal on the federal level and constantly changing state by state. Rather than trying to open facilities in other states, Whiteman said they supply their THC-laced sweets to partners that are already licensed.
Right now, Wana Brands cannot ship its edibles within state lines, cannot call its products “candy” (to avoid making them appealing to children) and cannot sell anything that doesn’t evenly distribute the THC throughout the product. They also have to differentiate their potencies and package labeling according to what’s legally permissible in each state. Since there are state regulations on the potency and labeling, it is best to keep a facility in those states and ship from there.
Wana Brands is now Colorado’s largest cannabis-infused confectionary company. She goes on explaining that by the end of 2017, she expects Wana Brands to bring in more than $12 million in revenue. She thought that edibles could be the next big thing in legal marijuana trends. Her confectionary concoctions include mouthwatering creations like loaded sour fruit gummies, salted caramels, hot cocoa, and bright lozenge “jewels” infused with different levels of THC, the active ingredient in marijuana.\
At 59, Whiteman might not fit the stereotype of a marijuana entrepreneur. She has two adult kids, a science degree, and an MBA from the University of Massachusetts Amherst. But she also says she hasn’t spent too much time worrying about others’ preconceptions because of how quickly she’s seen attitudes toward cannabis change. She believes that, in the coming years, cannabis use will start shifting toward older women like herself, and she plans to create products that appeal to them.
Marijuana is definitely a product that will be a high demand now that Califonia is legalized and with many more states that are legalizing it. Like Nancy, she was one of the many entrepreneurs that jumped on the money making business. It is best to manage your cannabis business now that it is legalized to sell, cultivate, and produce cannabis products. In a couple of years, it will be hard to compete with other cannabis businesses that have already started. Click here to sell cannabis edibles.