Mention legal cannabis, and many people think of the weed stores that have sprung up in Boston, Denver, Seattle, and other major U.S. cities. Inside, infused brownies and vape pens are sold next to branded joints and neatly packaged bags of marijuana presented in a way that wouldn’t be out of place in any American mall. In Canada you can even order pot through the mail, and some of the world’s alcohol giants have set up shop there to develop weed beer.
But the business of getting people high is only part of the cannabis craze. Marijuana is still banned for recreational use across much of the world, and even medical access, while expanding, is restricted in most countries. So players in the $340 billion global cannabis market are turning their attention to weed’s less-regulated cousin, hemp.