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Target Market: Legal Marijuana

Spark sales by meeting the branded merchandise needs of companies that operate in the legal marijuana industry.

Spark sales by meeting the branded merchandise needs of companies that operate in the legal marijuana industry. Here's a few quick insights into this fast-rising industry:

The grass is getting greener and greener in America’s legal pot industry.

Market Watch: Why the Pot Industry is a Growing Opportunity

In 2014, the U.S. market for legalized cannabis grew as fast as a weed, increasing nearly 75% to $2.7 billion, according to The ArcView Group. The California-based cannabis research and investment company estimates that this year the market will stretch toward $4.5 billion in sales. “At this point, it’s hard to imagine that any serious businessperson who is paying attention hasn’t spent some time thinking about the possibilities in this market,” Troy Dayton, CEO of The ArcView Group, says in a report.

The rising smoke in the marijuana industry is a result of a sea change in societal attitudes and legislation. Back in 1969, only 12% of Americans supported legalizing cannabis; now a majority of people do. The attitudinal shift and work of pro-legalization groups has helped propel major legislative changes. Four states and the District of Columbia have legalized pot for recreational use. Meanwhile, medical marijuana is now legal in 24 states and Washington D.C.

Industry analysts predict that Massachusetts, Nevada, California and New York could soon allow marijuana for recreational use, further fueling a groundswell that shows little sign of stopping. “These are exciting times, and new millionaires and possibly billionaires are about to be made,” says Dayton.

As positive vibes circulate in the cannabis industry, savvy promotional product distributors are seeking to turn companies in the niche into clients. Identity Links (asi/229440), for example, has a section on its website titled “Medical Marijuana Promotional Items & Swag.” The distributorship says its best-selling handout items for cannabis dispensaries are lighters, custom-printed T-shirts, embroidered sports caps, and hemp bags and totes. Logoed water bottles, drawstring backpacks and sunglasses are popular, too. Other potential sellers include pill bottles, rolling papers, beanies and various items with pot-themed graphics, such as plastic bags and microfiber cleaning cloths.

While marijuana may help people relax, now is not the time to be laid back about pursuing business in this rapidly expanding industry. Start forming strong partnerships in 2016, and you’ll enjoy the high of success for years to come.