Beth Knox introduced JJ McKay, publisher of The Fresh Toast, a contemporary media firm.
Although JJ prefers vodka as his drug of choice, he develops digital content about cannabis. His platform helps consumers, as well as doctors, understand marijuana and its uses. Cannabis is no longer carrying the same stigma it once did, and now more are willing to prescribe it. Until federal legalization happens, however, cannabis is not covered by insurance and not covered by malpractice.
Who supports it? Republicans, Millennials (citing that alcohol is harder on your system than cannabis) and people who want to make money. Of course, we need to keep it away from kids.
Alcohol, porn, tobacco, and cannabis are considered the four great sin industries. The market size for the big four today are cannabis $9.7 billion, alcohol $223 billion, tobacco $80 billion, and porn $25 billion. By 2030, cannabis is expected to be a $50 billion industry and CBD is branching off from cannabis to form a large industry of its own.
Alcohol interests have bought into cannabis because they see it as an additional recreational product. Also, big pharmaceuticals want their piece of the action. Big money is looking to get in on the party. Is cannabis to alcohol like water is to the beverage industry? Look at how Coke made money from Dasani.
Up to now, there have been only relatively small growers to provide the product. JJ used the metaphor that it is like sommeliers trying to sell to Applebee’s Restaurants.
States have made over 700 million dollars in tax revenues on cannabis since it became legal. More than 200,000 people work in the cannabis industry.
Surveys say that two-thirds of Americans will try weed if it is legal. Currently, 25% of weed purchases are centered around medical usage. 60% of weed purchases are less are for less than $50, much like the beer market.
One of the problems with edible products is that it is difficult to control the dosage. The biggest concern about the weed industry is that it is not regulated federally. Hopefully, when cannabis is legalized on a federal level, the FDA will be able to ensure the contents of its products. How long before cannabis becomes legal nationwide? JJ predicts 2022, and fully implemented by 2025.
Bud Light and Coors Light are top sellers in the beer market because they are inexpensive. Once cannabis it is legal on a federal level, JJ predicts that outdoor growing in the South will make production cheaper and introduce similar down-market options in the marijuana market.
There is a lot more to be learned about cannabis and its effects on society and business in the U.S.
President Kim started the meeting off exactly on time. We began with a spirited Star-Spangled Banner played in G by Marli Iverson. Good thing too because G is the only key that I can sing it in. We almost had a duet leading us but Don Murphy came through on his own.
Todd Summerfelt introduced us to Mole Day, which is a celebration for chemists. The Mole allows them to have solutions of the correct concentration. The reason that today was Mole Day is that 6:02 am on October 23 is as close as we can come to Avogadro’s number; a very important number for scientists. Google it to learn more.
We were visited by father and son Rotarians from Kentucky to complete their epic journey of attending a make-up at Rotary Clubs in all 50 states of the U.S. Welcome Barry Holder Sr. and Jr.
Charley Dickey introduced new member Mike O’Brien, who is our youngest Rotarian. Musician and CPA at PricewaterhouseCoopers, he says, “If you do what you love, you’ll never work another day in your life,”
Joyce Robertson and Matt Albertson announced that Seattle 4 is hosting the Harvest Against Hunger event on Saturday, November 9th. Please sign up on the website.
Matt Albertson announced a discussion being held by the Peacebuilders on the book, “So You Want To Talk About Race?” at 11:00 am next Wednesday at the Four Seasons.
Jimmy Collins and Ken Colling led a short program on leadership. How can we engage? They shared the pathway to leadership in our club, including these key tips:
- Get involved in club, volunteer, and attend club events
- Examine the committees and visit those in which you have interest
- Learn about other clubs in District 5030
- Each year is a new opportunity to seek office
Ken Colling led this year’s nominating committee to choose candidates for club and foundation board positions. Be sure to vote in the election later this year.
Kathy Williams chimed in to remind us to donate to the Seattle Rotary Service Foundation.
In closing, President Kim thanked all those who helped make the meeting work.
She also brought up to the stage Zelma, a server with almost 30 years at the Westin, who says that Rotary is the most wonderful group to work for. We gave her a standing ovation.
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Thank you Totem Reporter Bret Anderson.