Small Start-Ups Seize Open Marijuana Market While Big Corporations Hold Back
Patricia Villaceran | | Aug 07, 2014 06:52 AM EDT |
Marijuana Shortage To Sober Washington
Small start-up businesses in the United States started taking advantage of the hype brought about by the legalization of marijuana in some states.
Garette Fortune, one of the marijuana start-up founders, said his idea came from his brother who had cancer.
In early 2013, Fortune's brother was diagnosed with cancer. It was late when they detected the cancer. Consequently, Fortune said his brother had to live his remaining years in pain and discomfort, including taking pills all day long.
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Fortune witnessed his brother's suffer from the pills, which were prescribed to aid in improving the ailing man's appetite and keeping nausea at bay. This heartwrenching routine went on until Fortune's brother tried cannabis.
He said that his brother became healthier, as well as experienced better life quality, when he started taking marijuana. This marked improvement then encouraged Fortune to make a business out of it.
With the legalization of cannabis, Fortune said he easily identified one of the market's challenges-- the packaging. The typical packaging of marijuana is a sealed plastic bag, which Fortune deemed ineffective for marketing.
The solution to this issue was conveniently available as Fortune already owns an odor-proof bag manufacturing company called OdorNo. The bags they create are designed for disposing animal and human wastes.
Fortune incorporated the OdorNo idea with marijuana packaging. He was able to come up with a child-resistant and odor-proof cannabis bags.
When he pitched it to the board, Fortune said he expected them to ridicule his suggestion. To his surprise, every member of the board told him that he had opened the market for the biggest opportunity to date. They then gave him the approval to follow through with his idea.
In May, he was able to branch out from OdorNO and created a patented FunkSac, a marijuana-specialized packaging bag, and started production in Denver.
Despite awaiting approval from the government, Fortune's company has already received thousands of orders from wholesalers and other industry cultivators.
The company plans to begin distribution in August. They have a projected 2014 revenue of US$2 million.
TagsMarijuana Market
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