The cannabis industry in the US is huge, and it continues to grow ever larger. The industry is ready to outgrow the manufacturing industry in the next 18 months, creating hundreds of thousands of jobs in the next few years.
So, it should come as no surprise that high powered business execs are leaving their posts at their successful corporations (we’re talking some of the biggest ones) and deciding to hop on board the legal weed wagon. I’m not just talking about people that were once opposed to cannabis legalization, that are now cool with it, such as John Boehner (whose reasons for supporting legal weed seem somewhat suspect to me). Recently Stormy Simon, the up until now current president of online shopping giant Overstock.com, decided to leave her position at Overstock for a shot at legal weed.
Simon’s motivations are a mix of business and personal. She has used cannabis to treat her own health issues in the past and seen good results. Simon wants to bring this same opportunity to others, hence why she is on the board at CannaKids, which helps connect children with the medicine they need. Simons also sits on the board at KIND, which helps give funding for cannabis tech companies.
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The main reason Simon is leaving: she thinks legal weed will one day be as big as e-commerce. Simon is best known for taking a small company and turning it into a household name, even before Amazon was a thing. Now after 15 years with the company she wants to do the same thing with legal weed. Will she start an Overstock.com type of business, but for weed? I know I would love that type of service!
I Sense a Trend!
Simon is hardly the first to either work for or invest in the cannabis industry. The CEO of Scott’s Miracle Gro John Hagerdon invested a half billion dollars in the cannabis industry and purchased General Hydroponics in 2015. This is just the beginning of what is beginning to become a growing trend. The former marketing chief for Budweiser said last year that he saw legal cannabis becoming as big as craft beer, which is probably as accurate a statement as any alcohol company exec has said.
We already know that cannabis is beneficial for business, hence why so many high powered business execs are jumping on board. This is a sign of things to come, possibly the end of prohibition, hopefully culminating in full on legalization. If this is how we get it, through unfettered capitalism, I guess that’s better than nothing at all.
Featured Image Source: Quartz
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