This is the launch of our new Loto Labs editorial section! We wanted to take the time to explore the issues that matter to our customers, and find ways to connect with our fans, who have been so crucial in helping us crowd-fund our venture. Currently, the Evoke is being miniaturized, condensed, tested and perfected into its gorgeous wooden casing. While we are delighted at the progress we are making there isn’t a lot available for show-and-tell. So, we decided the best way to reach out, foster and build connection with our community during this period of exploration is by exploring the marijuana and vaporizer industry in these editorials.
The goal of these editorials are to answer (hopefully in advance) the many questions that our customers, potential customers, and friends will have about Loto Labs, the Evoke and the future of vaping. We want you to connect with us – the people and ideas inside of Loto Labs – so you can see why we’re so passionate about vaping. To that end we hope you enjoy our blog and we will stay connected with you along our journey to bring you the first smart vaporizer powered by induction.
As the mid-term elections passed this November, we saw marijuana legislation on ballots across the country. In a dramatic push against prohibition, marijuana is now recreationally legal in 4 states and the District of Columbia, with 23 states having passed legislation permitting medical use. Here in California, we voted to remove a felony punishment from possession of personal amounts of any drug, even as we voted to increase taxes medical marijuana in many counties. We can safely say that politicians can no longer ignore the public’s demand for an end to prohibition.
High Times reports that since Colorado and Washington voted for legalization the medical cannabis industry’s legal market has reached $1.4 Billion, with growth slated to reach $10 Billion by 2018. However, in order to reach these lofty goals emerging companies must be able to accept payment processing and secure funding, which means federal investment banks must feel safe and secure to put there full weight behind new startups.
As a tech startup in the vaporization space, Loto Labs finds itself at the crux of an emerging industry, both excited about the growth of the space, but concerned about California’s lack of leadership in the area. Loto Labs is a startup, a tech company, and most important, the provider of a healthier alternative to both tobacco and marijuana smoking. It’s high time our legislators and banks got behind the full support of this industry so companies like ours can see our market grow to reach its full potential. California – a state who prides itself on being on the cutting edge of progressive politics – is leaving its constituents in the dust. Companies who serve the marijuana industry are being supported and growing quickly in Colorado and Washing. Entrepreneurs in Oregon are chomping at the bit according to Huffington Post.
Let’s work together to free California from prohibition in 2016 and unleash the full might of our technology to spur the growth of this burgeoning industry!