“Amercanex was founded with the sole-purpose to ensure a completely transparent, neutral, and non-manipulated marketplace for cannabis industry participants,” the American cannabis exchange states on its homepage. “The Amercanex Corp is the first fully electronic marketplace in which wholesale and retail distributors of cannabis can sell, buy, or exchange their inventories on a fully disclosed and transparent market.”
An estimated 20 million people in the United States are marijuana consumers, and the industry has grown to $5.4 billion business, according to a report from ArcView Market Research and New Frontier. Currently, Washington D.C. and four states allow recreational marijuana use with an additional 23 states onboard with medicinal cannabis treatments. Once a nation firmly dedicated to the prohibition of marijuana, the tide is changing and businesspeople are building on these opportunities.
Former foreign exchange executive and Amercanex investor, Steve Janjic has said “It’s never easy to pioneer an industry,” but his budding weed exchange already sells upwards of 150 pounds of marijuana per week.
Furthermore, Richard Schaeffer, a former chairman of the New York Mercantile Exchange, has high hopes for this burgeoning commodity exchange. “I look for this to become a very substantial matching engine bringing buyers and sellers together,” stated Schaeffer.
However, Amercanex isn’t the only commodity game in play. University of Arizona graduate, 26-year-old Sohum Shah, started Cannabis Commodities Exchange (based in Colorado) a whole three months prior Amercanex’s launch in July 2014.
Currently both businesses are limited to states that have legalized marijuana, and that’s only one of the numerous impediments standing in the way of these high-stakes marijuana investors and their business aspirations. Laws vary state to state, and federal law still dictates that marijuana possession and sales are illegal.
Despite all of that, marijuana entrepreneurs aren’t letting legislation or misconceptions stand in the way of developing companies to serve the nation’s cannabis users. Janjic calls federal law “the risk in this game” but Amercanex still has plans for expansion on the horizon.
Lucky enough to live in a state with legal marijuana, either medical or recreational? Find deals in Colorado, Oregon, California, Washington, Arizona, and other locations across the country!
Learn more about the budding marijuana industry in this nation:
- How Legal Cannabis Helps The Economy: Hemp Airplanes
- What to Know to Open a Dispensary
- Marijuana Tourism: A Budding Industry