NEW YORK (TheStreet) - For non-marijuana users, April 20th may be just like any other day. But for pot enthusiasts, 4/20 is somewhat of a "marijuana holiday," says Christian Hageseth, founder of Green Man Cannabis and author of "Big Weed."
As a token to the holiday, he noted that his weekend sales were higher by roughly 300% compared to an ordinary weekend.
Hageseth is a life-long entrepreneur who has started and ran several successful businesses over the years. But after getting caught up in real estate in 2008 and the subsequent washout during the subprime crisis, he was introduced to the marijuana business.
"I jumped in feet first at that time and haven't looked back," he says of his entry into the "ganja-preneur" business in 2009.
The marijuana market is inefficient, he said, so it creates a lot of opportunities for those looking to exploit those inefficiencies.
Because the drug is only legal in several states, it creates a very fragmented market place, as well.
There's likely to be several successful groups to take advantage of the legalization of marijuana, which is gaining increasing acceptance faster than most would have anticipated.
Big pharmaceutical and large tobacco companies will of course find a way to cash in on the new market. But that's not all.
Chain stores of 30-50 locations will also benefit, as entrepreneurs take their operations to a larger scale, he explained.
The newly formed legal business of marijuana distribution will also allow for the smaller players to stay in business, he said. The mom-and-pop pot stores with just one or two locations will also be able to benefit from this new economy, Hageseth concluded.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.