Predicting the Future of The Cannabis Industry with 4 CEO’s
In the first installment of our mini-series, One, Five and Ten – Predictions on the Cannabis Industry. We talked to Julia Jacobson of Aster Farms, Hannah Davis of Heavy Hitters and Mammoth Distribution, Patrick Rae of Canopy Boulder and Eugenio Garcia of Cannabis Now about their One, Five and Ten-year predictions of the cannabis industry. We heard some very interesting predictions from these four who, each in their own right, are masters of their corner of the market place. What we found interesting was the commonalities and differences in what they had to say. If you have your own predictions, let us know. We love to hear from you!
What are your one-year, five-year, and ten-year predictions for the cannabis industry?
One year, I think that we’re going to see cannabis use become something that’s talked about almost every day in the public forums in DC. I think we’re moving from an advocacy to a government relations phase in the industry. We’re here, we’re going to stay. Now how can we work? What safe harbor can we give to the federal government for legalization to move to the next stage – which is what I predict in the five-year.
I don’t think we’re going to see much happen between now and the next presidential election. The States Act can be passed in the house but I don’t think McConnell is going to bring it up in the Senate, it’s only going to move forward there. We’ll see though. I’d love to be wrong but I think we’ll see more action after this presidential cycle or very near to it if ‘somebody’ needs to push some votes over the edge to get reelected.
I think in ten years, we’ll see the traditional dispensary model start to go away. It won’t have the same regulations and requirements for compliance. I think in ten years we will see CBD as a primary functional ingredient many foods. I think we’ll see more and more countries globally legalizing.
Can you Give us Your 1, 5, and 10 Year Cannabis Industry Predictions?
I’m going to mostly talk about California for the one year because that’s as far as I can predict right now. I think by the end of this year in California we’re going to see a lot of the issues with the legal shops and the illicit nature of the market go away. It seems like the regulatory bodies, as well as each of the county and city police departments, are really making an effort now which is great.
2018 was a year of just a lot of questions while everyone was getting their act together.
I feel like 2019 is the year of real organization, professionalism, and moving into that phase where we are a legal, safe market for every consumer in California. So that’s my hope for the one year.
In five years federal legalization will happen. Or I hope so. If it doesn’t, there’s gonna be some interesting things that happen with the cannabis industry. But I feel like we’ll have federal legalization and it’s going to become very normalized at that point. Not only will you be able to walk into a dispensary but I feel like by that point there’ll be more ways to order it online and have a little bit more of that customized experience. Just like a lot of other product categories that are happening.
Also at that five-year mark, I think – because I come from the alcohol industry – I think we’re gonna see a lot of complimentary usage with alcohol as well as replacement of alcohol. Not to even talk about the opioid issue. I think cannabis is definitely gonna help with the opioid issue in this country which is amazing. But I feel like there’s going to be a lot of switchover from alcohol to cannabis. I know I’ve already seen it in my own household. When I used to on a Friday evening grab a bottle of wine, now I’m not doing that. I don’t even keep alcohol in my house anymore but I do have a little shelf in my fridge that has all my favorite edibles in it.
I’m sure in the news the alcohol industry is a little bit worried about that, but I also see them making investments in Canada which means they see the opportunity that’s in the industry. Things like drinks are going to become more of the daily cannabis consumption ritual rather than just smoking. I think we’ll see a lot more formats.
Oh gosh, ten years is so far away for the cannabis industry. I think we’re going see global at that point and I think that’s the really exciting part of being a part of this industry. We’re not only making a U.S. industry from scratch but we are (the U.S. and Canada) leaders in the world right now. We collectively have the responsibility to make this a really cool industry and a responsible industry, but also one that’s going to change behaviors around the world. This is an amazing opportunity and an amazing responsibility but one that I think all of us are super excited about.
CEO of Cannabis Now Magazine – Eugenio Garcia
What is your 1-year, 5-year, and ten-year industry outlook as a whole and then your prediction for Cannabis Now?
One year from now, I do anticipate we will see a few more milestones. New York City is about to legalize cannabis on the state and New York City level. Other states will transition out of the medical and into the adult recreational use.
Five years, even if Trump gets elected again, the next administration I do believe will legalize cannabis either through pressuring legislation or through executive power. On a federal level the U.S. will join the rest of the momentum of the global community and have a much different stance on the plant.
Ten years from now, hemp will catch up. Hemp as a resource for ropes, for CBD benefits, for food, for clothing…As an industrial product. We forget that going way back into the 1500’s we were using hemp for every single sail and ship that Henry VIII was sailing across the ocean to attack the French with. It was a cornerstone of industry and it’s going to take time to get this plant back into circulation. I mean if you think about THC, awesome. That’s gonna be something amazing. But when you think about the variety that makes industry possible (hemp), it’s going to eclipse the THC industry and in ten years from now it’s going to be pretty exciting to see where that ends up.
Give us your 1 year, 5 year, and 10 year predictions for the cannabis industry?
I think within one year we’re going to see some state-led banking bills being passed already. At a federal level there’s the Safe Act which is about banking for cannabis companies. I don’t think that’s going to actually happen the next year on a federal level. But I think that states that have been in this program for a while are going to start figuring out their own statewide banking opportunities. So we think that’s in the next year.
I think in five years we are going to see federal prohibition end and it’s going to be really interesting because each state the regulations are wildly different and very regulated. So it’s going to be really interesting to see how interstate commerce happens when Federal Prohibition is over.
Ten years… I think in 10 years you’re going to know who the Budweiser of weed is, you’re going to know who’s the Lagunitas of weed is – us. And it will be a real industry that people are educated on and are incorporating into their lives in a very health and wellness educated way.
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