ZoomAway Explores Opportunities in Cannabis Tourism
ZoomAway Travel Inc. (TSXV: ZMA – $0.15 CAD & OTC: ZMWYF – $0.11 USD & Frankfurt: 4ZO – €0.11), which provides hotels and entertainment providers a Technology Platform that allows customers to book discounted packaging of lodging, ski, golf, attractions, events and transportation, has started exploring opportunities in the rapidly expanding cannabis tourism industry.
As marijuana tourism has become more popular in Colorado and other U.S. states, cannabis tours are now a popular option to gain insight into the industry and get a behind the scenes look. Operators will organize visits to commercial marijuana grow operations, glassblowing demos, recreational dispensary visits and more.
My 420 Tours, the 1st company to pioneer cannabis tourism, for example, offers an all-inclusive Thursday-through-Saturday marijuana tour package that includes staying in a vape-friendly downtown hotel room, a cooking-with-cannabis class, and a visit to the Denver Botanic Gardens for the Chihuly glass exhibit.
This is exactly where ZoomAway can work its magic, as it has the tools to combine those cannabis tours with lodging at no extra cost to the providers. ZoomAway is currently pursuing relationships in the cannabis hospitality and tourism industry in the United States and abroad.
Sean Schaeffer, CEO of ZoomAway Travel commented, “We have been identifying several different opportunities in the United States in this space for the past several months. With our ultra-diverse suite of technology products, we believe that we can capitalize on this growing market and be at the forefront of continued expansion.”
The Cannabis Picture
So far, the cannabis industry has gone through the typical pattern for new gigantic industries. The initial bubble, back in 2014, where investors were wildly enthusiastic about marijuana being decriminalized. Consequently, tens of millions of investment dollars flooded into the industry, driving valuations of companies sky high. Subsequently, the inevitable decline followed as investors realized everything was not yet rosy, from banking issues, to taxes and legal matters. Now with more States in the US and other nations worldwide passing regulations, marijuana is set for its resurgence and definite breakthrough.
To date, eight states and the District of Columbia have adopted more expansive laws legalizing marijuana for recreational use in the United States. Most recently, California, Massachusetts, Maine and Nevada all passed measures to legalize recreational marijuana. Plenty of other states have passed medical marijuana laws allowing for limited use of cannabis.
The cannabis hospitality and tourism industry is growing with the recreational legalization of marijuana. ZoomAway plans to be well positioned as more opportunities arise in this area.
Nearly twenty other countries have legalized cannabis possession and consumption to some degree (primarily for medical purposes), including Canada, Switzerland, Croatia, Czech Republic, Colombia, Jamaica, Italy, Spain and Uruguay, to name a few.
And the list continues to grow. Germany, for example, recently passed legislation authorizing the use of cannabis for medical use.
Australia is another country that has approved limited cannabis cultivation for research purposes and has indicated it could move forward with a full medical marijuana program in the near future.
The shifting regulatory environment in favor of legalizing marijuana, combined with the increasing demand, has led to the legal marijuana trade becoming one of the fastest growing industries. In the United States, for instance, the estimated value of this burgeoning industry was approximately $7.1 billion in 2016 and is expected to grow to $22 billion by 2020.
For ZoomAway, the adoption of cannabis hospitality and tourism by lodging, activities, transportation, culinary, and wellness experiences could become a significant source of revenues.
Especially in states such as Nevada, tour operators would benefit from ZoomAway’s booking technology and platforms, as well as gain from the Company’s extensive hotel and outdoor activity inventory.
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