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Panel: Turning A New Leaf: Cannabis’ Next Billion Dollar Revolution
Co-founder and Co-CEO of Nabis, Vince C. Ning, took to the Forbes Under 30 Summit stage this past weekend to partake in the 'Turning A New Leaf: Cannabis' Next Billion Dollar Revolution' conversation alongside Steven Bertoni, Hannah Ross, and Gilbert Milam (Berner) of Cookies.
With cannabis being on track to become a $100 billion market by 2028, Founders are taking advantage of this growth. Rapper Berner, for instance, co-founded his cannabis company Cookies in 2010. Forbes estimates that Cookies now generates around $50 million in annual revenue and is valued north of $150 million.
The industry clearly has potential, but it’s turbulent right now due to constant changes and government regulations, Berner said. The way Cookies is standing out is by prioritizing the genetics of the products, he added.
“It’s really hard to be an operator in this space,” she said. Transactions are often all-cash and the sector is misunderstood by much of the market and heavily regulated. But, recently, more people are beginning to appreciate authentic brands in the space, which is providing growth opportunities.
Vince Ning, who founded cannabis wholesale company Nabis in 2018 is hopeful for a future with more research and education and the resulting industry growth.
“Newly legalized markets are obviously areas of high growth,” Ning said. “But you have to be careful who you invest in in those markets.”