One of the in front pot shops licensed to sell recreational marijuana in California is stocking up to boxing ring in the new year — and the new opportunity.
Buddy’s Cannabis in San Jose has ramped up cultivation and rent additional employees in anticipation of the sales surge on Jan. 1, when recreational marijuana becomes lawful.
Owner Matt Lucero says Buddy’s already sees annual net income in the tens of millions selling medical marijuana.
Lucero said he wants a 30 percent spike in revenues overnight and told CNBC it’s “our occasion to lose” — Buddy’s holds license #00001. The license is one of a few of the enables with that number. Approximately three dozen licenses get been issued.
“We’re going to be the first entity that many of these folks are customary to be visiting,” Lucero said. “We’re not going to be running out of anything.”
Market enquire firm Arcview has estimated the industry could balloon to $6 billion by 2021, becoming the few dispensaries that are properly licensed to brace for a flood of customers.
Chastisement: Buddy’s Cannabis is one of the first pot shops licensed to sell recreational marijuana in California. An earlier side misstated its status.