Recreational cannabis use was legalised in Oregon on 1st July, with regulations to allow retailers to sell the drug due to be in place by next year, leading shops and business to take advantage of the change in legislation when marketing and distributing products.
One such firm is Green Technology Solutions, Inc, which plans to capitalize on the new laws by cultivating growth in their products and services to take advantage of the recent increase in business they have seen across the US. The firm has a strong growth strategy and has recently acquired cannabis edibles developer Elevated Industries in order to expand in that sector, as well as working towards growing their own range of products to cater for the ever expanding industry.
Wallace W. Browne, Chief Executive Officer of Green Technology Solutions, was optimistic about the firm’s growth following the ruling in Oregon.
‘We’re very pleased, obviously, that the law is changing in Oregon and around the country. We are engaging potential business-to-business partners and clients in Oregon now, and we’re confident that we can help make cannabis production and retailing easier and more profitable for everyone involved.’
The new laws will give business the go ahead to sell cannabis and cannabis related products to customers for recreational uses, and will offer a growth industry for retailers to diversify into.
Small businesses selling cannabis and related paraphernalia will also benefit from the introduction of the Small Business Tax Equity Act of 2015, which is in the process of being passed and which acts as ‘an exception to Internal Revenue Code section 280E to allow businesses operating in compliance with state law to take deductions associated with the sale of marijuana like any other legal business’.
It is estimated that the US cannabis industry could be worth as much as $10 billion by 2018. Over half of US states have legalized the sale of cannabis for recreational purposes including Washington and Alaska.