Medicinal Marijuana Retailing

Cannabis's cultural capital is rising - and so is dispensary revenue.

Given that the sale of marijuana for medicinal use is legal in nearly one out of three U.S. states, and California and Colorado are considering total legalization (with taxation), pot's cultural tide is rising.

So is its business side. California's biggest dispensaries are starting franchise operations and establishing branding. There's an emerging industry trade show and a lobbying, marketing, and consulting firm strictly for cannabis in Oakland, California.

Harvard economist Jeffrey Miron, in a February 2010 paper, estimated the market to be $14 billion. Others have pegged the medicinal retail market at $10 billion to $40 billion, based on usage, demand, and pricing data. 

Christine Lagorio is a writer, editor, and reporter whose work has appeared in The New York Times, The Washington Post, The San Francisco Chronicle, The Village Voice, and The Believer, among other publications. She is executive editor of Inc.com. @Lagorio