The cannabis industry has been getting a lot of attention lately, thanks to the recent news about legalizing the plant. As a result, more people are now purchasing products from its companies. Additionally, many businesses even outside the space are taking their opportunity to capitalize on its potential success and ride with it as well.
In a report from WCAX, the cannabis industry is prominent in the state of Vermont. But according to Green State Gardener founder Dylan Rapp, “Now, it’s just coming out of the shadows.”
Rapp’s shop had its humble beginning as an online shop for cannabis growing supplies. It evolved as profits came, filling its shelves with more supplies such as fertilizers and tents to help growers in cultivating their plants both inside and outside their structures.
It is also worth noting that the types of customers taking an interest in cannabis and purchasing from Green State Gardener have expanded. Aside from college students coming in, the business has seen older people and even couples expressing their curiosity and willingness to try the products for the first time. This instance indicates that the stigma surrounding cannabis is now gradually going away.
POTN recently announced that its fully owned subsidiary, Diamond CBD, Inc., has recorded revenues in excess of $2 million. From May 1 to 27, the sales have already reached more than $500,000, and that’s for online sales alone.
Such increase shows that both POTN and Diamond CBD have maintained the upward trajectory in terms of growth, and it is a well-deserved outcome for them as their products are of high quality and cater to a customer base that continues to expand.
With such performance, POTN is preparing to take its business to the next level with its plan of filing and submitting a Form 10 to the Securities and Exchange Commission (SEC) not later than June 30.
The Form 10 filing and submission will allow the firm to become a fully reporting SEC company. It will also give POTN the opportunity to become more transparent to its investors and even become more visible to a bigger pool of potential and eligible investors. In addition, such action will also strengthen its integrity.
POTN has made this announcement after the release of its 2017 consolidated financial statements last April. According to the statements, the company recorded $14.49 million worth of revenues and $5,180,865 in gross profits.
The CEO of POTN, Richard Goulding, stated that they have established a firm “with a business model and market traction deserving of a stronger presence in the financial markets.” He further said that the latest developments in its profits have prompted its board of directors to finally push through with the filing.
Other businesses are also seeing the potential of the cannabis industry once the legalization finally arrives. They want to develop services and products that would complement the consumption of cannabis as well.
Pro-Tech Security and Fire Vice President Rex Accavallo said, “I foresee it being quite a big industry.” And with the legalization of cannabis on the horizon, his firm now provides new products for cannabis consumers. One of these products is the humidity control monitor.
Accavalo further stated, “We see the potential and certainly once the legalization comes, I think we’ll see a ramp-up of businesses and individuals.”
The manufacturing industry will also become one of the beneficiaries when cannabis has been legalized. Companies within the aforementioned industry can finally use hemp as a material in making various products such as sunglasses, paper, construction materials and bio-plastics, among others.
Finally, a law firm named Vermont Cannabis Solutions is also under the spotlight as of late. What is unique about this business by former defense attorney Timothy Fair is that it is established to help new businesses in the cannabis industry.
Fair stated that the latest developments concerning the cannabis legitimation are “more of a milestone and it is definitely a major step toward full legalization, and I think that’s where we’ll really see the business component of this really blowing up.”
Seeing the possible reach of the cannabis industry beyond its space, it is safe to say that companies within and around the said industry will prosper when the fateful day of the legalization finally arrives.