Colorado set the legal and commercial template for the rest of the country. The market divided into four segments, explains Professor John Quelch, of Harvard Business School and Harvard School of Public Health. There is legal medicinal use where it is available on prescription, the recreational market, the homegrown market, which in turn spills into the illegal, unregulated, untaxed and unsupervised street market. Of course street cannabis, which is untaxed, is cheaper. In a detailed analysis of the Colorado market, he found that recreational consumers divided into Green Rush two distinct groups. There is still the long-term pothead from the Woodstock generation who is still puffing away and first time users, many of whom are women, who dont want to be seen smoking a joint, but do want to enjoy the high of consuming marijuana. View photos Cultivating cannabis in Washington State Credit: Getty More For them, the edible and drinkable products tend to be more palatable. It is less than three years since Colorado legalised recreational cannabis. In almost the blink of an eye, the political, commercial and industrial landscape surrounding pot has changed beyond recognition. Marijuana moguls abound. Derek Petersen, a former Wall Street banker, is among the best-known. He heads Terra Tech, the first publicly listed company to cross the green line and make products from cannabis.
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