You know the times have changed when Bloomberg Television is covering how supply will meet demand in the marijuana business.
The video above features Terra Tech CEO and President, Derek Peterson, who discusses developing greenhouses for growing quality medical marijuana with Pimm Fox on Bloomberg Television’s Taking Stock. The situation is simple: Legal marijuana consumption is growing in the United States, and current farming practices aren’t necessarily suited to meet the demand for the product. This is obviously the result of marijuana being illegal in this country for many years. However, just because a product is now legally available in certain states or at medical marijuana facilities doesn’t mean farmers can (or want to) stop producing their current crops in favor of growing cannabis.
However, Peterson is willing to do it. In 2009 — long before the current wave of legalization — he met someone who was earning $16 million dollars selling medical marijuana. Doing the math, he realized this would be a smart business to invest in. Since that time he’s raised a lot of money for Terra Tech, and the company has taken off. It’s primarily used to grow mainstream produce, but they do have the resources ready to put all their production into raising the legal green weed.
Regardless of your political beliefs on the topic, it’s clear that medical marijuana could very well be the next big cash crop in the United States.
Check out the video to see the business side of the story.