The marijuana industry has come of age, moving from stoners in the basement to an attractive legal marketplace with tremendous potential for willing investors – and the promotional products industry.

Lucky for Olivia Mannix, when Colorado legalized recreational marijuana in 2013, she was in the right place at the right time. The founder and CEO of cannabis marketing company Cannabrand has grown her firm along with the marijuana industry.

ASI's Jake Krolick interviews Olivia Mannix of Cannabrand.

“Marijuana is now a $50 million industry,” she said Monday during a Q&A with ASI Creative Director Jake Krolick at the 2018 ASI Power Summit in Tucson, AZ, attended by nearly 200 of the promo industry’s top players. “It’s been a wild ride. Business is booming and I can’t really keep up.”

Once a niche industry, cannabis has quickly evolved into a behemoth that’s attracting, and making, big money. Some marijuana dispensaries, Mannix said, already have 30 locations, becoming the “Walmart of the industry.”

Branded merch has evolved right along with the market, she said. There’s less “green,” meaning fewer marijuana leaf logos, and more high-end products, along with the still-ubiquitous caps, totes, T-shirts, lighters and grinders. Since marijuana advertising is strictly regulated like liquor advertising, swag given away at events and trade shows has become immensely popular with cannabis companies looking to get the word out.

“Apparel is huge,” Mannix said. “Apparel is still king.”

What should promo distributors do to succeed in the recreational and medical marijuana industry? Come prepared with creative marketing ideas, and consider promoting products through digital campaigns designed to go viral, Mannix said. Cool custom packaging can also give distributors an edge.

“There’s a great opportunity for high-end swag – something you want to keep and not toss,” she said.

By 2025, marijuana is expected to become a $150 billion industry. The time to jump in, she said, is now. “This is just like the dot.com boom,” she said. “I get contacted by investors every day. And I’m looking for more contacts.”