DENVER — It's no secret the marijuana industry in Colorado is booming.
The average price of a pound of marijuana rose late this year, meaning our state reaps the benefits from the tax revenue. And more businesses that don't sell pot, but sell things related to it, are really cashing in.
While it remains illegal on a federal level, 33 states legalized its medical use, and across the globe, it has become a billion dollar industry with no signs of slowing.
It has boosted pot-related companies that want a piece of the lucrative market, like Denver based Sana Packaging. Just five months in, Co-owner Ron Basak-Smith said the company hit the ground running.
"There are people out there that understand that this industry is a real thing, and it’s happening, said Basak-Smith."So basically businesses, anyone that needs compliant packaging, so that could be a brand, a dispensary, they reach out to us."
Their products are eco-friendly, made out of plant-based material, primarily corn and hemp. They are hoping to do their part in cutting down on plastic waste from pot packaging.
"It's a new industry. There’s this ability to make an impact immediately," said Basak-Smith.
Sana Packaging is still in its pilot phase, trying to navigate the real-time changes in an evolving market as they explore new products and new ways of doing business.
"That's the beauty of the ancillary companies right now. They can kind of go operate in any state or any country, it’s all opening up right now," said Basak-Smith.