Over the past couple of years, some of the major legal changes regarding the cannabis industry have been noted all across America. A number of states have already legalized cannabis and more States are all slated to follow suite. And thus, the industry has also boomed in response.
Cannabis is quickly coming up as one of the fastest growing markets in the nation, and new brands are coming into the scene on an almost daily basis. If you look back even a decade, you will notice how the choices have expanded in not just cannabis flower strains and derivatives, but also in the number of brands that you can avail these products from. Seeing CBD adverts on local food stores or health centers doesn’t really surprise us anymore, right?
So, with this huge potential for growth and this growing market, what are the companies with the most potential? What makes some companies function more than the others? Let’s find out!
The Top Five Players In The Cannabis Industry.
These are the brands flourishing like weeds. (Forgive The Pun!)
Cannabis Science Inc.
When it comes to cannabis research and the ways it can help people, the health benefits, the name Cannabis Science Inc always seems to appear. Their USP lies in the fact that they work closely with some of the top industry experts to design therapies and products that are unique and appealing to everyone. Their focus is on the pharmaceutical benefits but they have started to branch out into recreational products. Cannabis Science Inc keeps expanding their product range to accommodate different preferences of cannabis users. The owners claim that they want to help people attain a higher quality of life which I believe to be true.
With their decent market cap and optimistic predictions about future revenues, the company is slated to stay at the top of the charts for a rather long time. After all, cannabis development needs research, and Cannabis Science Inc has some of the best talent money can buy.
Medical Marijuana Corp
Caring about the processes and keeping their roots strong in the industry can definitely have its benefits, and Medical Marijuana Corp understands it better than any other company. They started their journey with eighty-five employees and hold the distinction of being one of the first public companies to start working in the legal cannabis and hemp markets. This was a big risk especially with cannabis still being illegal on the Federal level. The company has complete involvement in all the steps of production, right until the products reaches the retail vendors. This is a great way to keep quality control. What makes Mcdonalds so successful is consistency. Every Mcdonalds you go to has the same products that look and taste the same. Medical Marijuana Corp comes with the huge market cap of 480 million dollars, and has a massive potential for continued upward growth. So, this is the company to watch out for in the times to come.
Terra Tech Corp
Agricultural technology has seen enormous progress in the past couple of years, and the innovations that have come up are good news for the cannabis industry. Terra Tech Corp, a cannabis company from California has been on the forefront of agricultural research and technology used for growing cannabis. The company uses hydroponics to increase the growth making their strains more powerful. Hydroponics is basically all about growing the plants in water that is rich in nutrients, instead of letting them grow in the soil. Terra Tech Corp is a major company in the USA, with 175 employees, its efforts are focused on bringing forth the greatest and latest innovations in terms of hydroponic growth of cannabis plants. What is even more impressive is their client list, which includes some of the top companies amongst Fortune 500 companies. With the courage for pushing the envelope, Terra Tech Corp is here to remain one of the foremost names in the business.
Growing cannabis is not as easy as just throwing a couple of seeds in the ground and waiting for the plants to blossom. To be successful you need a lot of high-tech equipment for the businesses to actually produce a real harvest. This is where GrowingLife Inc makes its name with its sustainable production equipment that is used by both recreational and industrial growers. Some of the top products from the company include world class nutrients, lighting, heating elements, fans, etc. They believe in keeping their focus mainly on hardware and tools that make growing cannabis possible. GrowLife Inc is selling the shovels to the goldminers. They strongly believe in keeping the industry practices sustainable and transparent.
With its continued focus on quality, the company has managed to attract quite the attention from investors, they got $1.8 million in revenue in just the last year alone. When it comes to a company that offers the perfect blend of sustainability, integrity, and quality, GrowLife Inc. is certainly the one to watch out for.
GreenGro Technologies Inc.
Want to set up your very own growing room? GreenGro Technologies Inc. has all the solutions that you need, right from the extractor fans to solar lightning. Some of their more unique products include hydroponic gardens and vertical gardens. They are the mass suppliers for all things eco-friendly and green, and keep their focus on supplying their products to a niche of serious growers.
One of their main missions is to minimize their carbon footprint while trying to grow cannabis. With a market cap of over $26 million and consistently high revenue earnings year to year, GreenGro Technologies Inc is booming in its niche market. If you are planning to make your name as a sustainable cannabis equipment dealer in the market, then this company certainly has a model to follow.
Smart business is all about making the best of any opportunity that presents itself in front of you, and that is exactly what Scotts Miracle-Gro did. If the company sounds familiar they are, you remember their name from their popular garden equipment and products Scotts Miracle-Gro made their name by producing amazing plant fertilizer.
The company started its journey way back in the year 1868. Back then it focused on all kinds of gardening equipment. As the cannabis opportunities started coming up the company decided to take a risk and branch out into this industry. It is still selling gardening products, but now some of those products are directed towards cannabis growers. Quite the smart move, isn’t it? It has captured the market for hydroponic cultivators, and in doing that, the company has seen massive growth. It had the huge market cap of $6.15 billion in 2017, and the number has only risen since then.
That was the list of my top six companies in the cannabis market. Now, you must be wondering what made these companies rise above those thousands of others in the market. That is exactly what we will explore in this next section.
So, What Makes These Cannabis Companies Different?
The fact is that every company that has been mentioned earlier started small and went from strength to strength to reach the position that they are currently at. Now this doesn’t mean that every company entered the cannabis market as a startup, as I said earlier Miracle-Gro started in the 1800’s. So, what exactly made them go on to become such big names while many others still remain as minor players? Of course, they did things differently and approached the market in a way that was not like all the rest.
They Came Up With Unique Ideas
When you think of a cannabis business, what is the first thing that comes to your mind? It must be those grow operations and dispensaries. Well, there’s no harm in opening a dispensary as some of them do really good business. But, it’s also true that they are the riskiest area of the cannabis market. Distributing marijuana is still illegal under federal law. So, companies like GreenGro Technologies Inc. made the smart move of getting into cannabis growing equipment business. They are free from the burden of high taxes and red tape, while getting a host of opportunities to flourish and thrive. Some businesses are even into offering marijuana friendly restaurants and lodgings! If that isn’t innovation, then what is?
They Understand Their Customer Base
The key to a winning business idea lies in understanding who are going to be your customers. A company that has an insight into the needs and wants of the customers is bound to fare better than a company following the model build it and they will come. So, are the customers looking for variety in their cannabis consumables or edibles? Look at how you can bring in that innovation to your products just as Cannabis Science Inc. did. Is there a growing market buzz surrounding sustainability and eco-friendly products and equipment? Make this factor your product mantra and show it in your work just like GrowLife Inc. did.
They Follow The Rules
So, you have an amazing business plan, enough funding, and adequate understanding of your customer base. Does it seem like enough to start your cannabis company? Well, not quite because all your efforts can go down the drain if you are not playing by the rules. The cost of not abiding by the federal laws can range from being shut down, paying hefty fines, even going to jail for a long time. The regulations and rules for setting up a cannabis company are highly complicated and confusing. So much so that there are lengthy laws on simply the ways of accepting payments! Thus, all of the companies that are at the top-tier in the market have their own legal teams of experienced attorneys to guide them on every step along the way.
They Do The Research
One of the main reasons why this is quite an exciting time to get into the cannabis industry is because there’s so much to explore. Research is the catchword in this field and you will hear about new products, better techniques for growing, and other innovations almost on a daily basis. The smart companies are the ones that understand this factor early on and have always kept research as a priority. For companies like Cannabis Science Inc., research is the mainstay of their operations. Each and every one of their products hit the market after months of research and deliberation by the top experts.
They Raised Enough Capital
Investment capital is what a startup business needs to set its business plans in motion. Now, the problem with cannabis industry is that many of the investors do not want to invest their money in here because of all the legal ambiguity that still exists around cannabis growth and distribution. Forget about getting the banks to finance a marijuana business! So, the companies that prosper usually come with the capital support from top private investors. Though many investors remain skeptical about the industry, there’s still a huge section that understands the exciting opportunities that marijuana industry has in store for them.
Though the list of companies mentioned above includes only six names, there are many more cannabis businesses out there that are showing signs of being the next big name in the marijuana market. The market is ripe and the stage is set for the cannabis industry to get its deserved limelight. Now, the question is: do you have what it takes to become the next name in that list of big players?