Canadians and Americans spent US$56.4 billion on marijuana in 2016, and 88 per cent of that spending was illegal, according to a new report.

The report by ArcView Market Research, titled "The State Of Legal Marijuana Markets," looked at legal, medicinal and illicit markets in the U.S. and Canada. The organization released an executive summary of their findings this week, in advance of the full report's release in February.

The legal marijuana business has created a multibillion-dollar industry, including some interesting side ventures and spinoffs, and even unlikely entrepreneurs have found lucrative niches.

Among them are Deb Baker, a retired high school teacher, and Barb Diner, a former marketing executive, who both live in Denver and have been friends for 27 years. The two had found the relaxed retirement life a bit dull, so they would often bat around ideas that might be interesting to pursue and that could supplement their income.

In 2014, the nascent entrepreneurs saw a niche to be filled — child-resistant marijuana containers that would comply with Colorado’s newly mandated regulation.

For local jurisdictions, cannabis farming can generate significant new tax revenues, create jobs and help reverse course for the region’s declining agricultural sector.

On Jan. 25, the San Diego County Board of Supervisors is expected to consider all commercial activities related to cannabis – including commercial farming. As a local cannabis farmer, I applaud the board for putting this issue front and center.

The local farmers I’ve talked to think the time is ripe.

In the last 16 months, the state has enacted two laws that create a legal path forward for commercial cannabis farming – the Medical Cannabis Regulation and Safety Act, and the Adult Use of Marijuana Act. The state is scheduled to issue its first licenses in January 2018.

Looking to get into Washington state’s retail cannabis market? For $50 million, you can start out at the very top.

That’s the pitch from owners of Main Street Marijuana and Uncle Ike’s, the two top-selling cannabis retailers in the state. The pair announced this week that both companies, six storefronts in total, are officially on the market.

The owners aren’t exactly desperate to get out, Uncle Ike’s owner Ian Eisenberg told Leafly. But for $50 million, they wouldn’t say no.

“Everything’s for sale at the right price,” Eisenberg said. “We always have interest, and if anybody’s serious, at least they can avoid a lot of wasted time.”

Joel Schneider had a long and successful career as a lawyer on Wall Street. "I practiced law for 30 years and hated it."

So once his kids graduated from college, he decided to pursue his passion: Pot.

Now he runs three Bud+Breakfast hotels in Colorado.

"There is no place like this," he said while giving a tour of his first B&B in Denver, a 7,000 square foot home built in 1892 that gives new meaning to "high end."

The six suites range in price from $299 to $399 a night. Guests have included musicians and former NFL players, as well as cannabis fans ages 21 to 80, who enjoy the well-appointed rooms, fully stocked bar, and meals prepared by a chef.

People interested in the medical marijuana business started applying for licenses on Wednesday at the Department of Public Health and Social Services.

Patients could have access to medical marijuana by this summer, according to the department.

Director James Gillan said there were 40 applicants as of 2 p.m. Wednesday.

Public Law 33-220, which became law Dec. 17, 2016, implements the rules and regulations for the medical marijuana program first approved by voters in the November 2014 General Election.

The law states Public Health shall accept applications for proposed medical cannabis business licenses within 30 days of the bill becoming law.

Denver has started work on the nation's first law allowing marijuana clubs and use in public places such as coffee shops or art galleries. But the details about what those pot clubs would look like are very much in the air. Here's what we know, and don't know, about the looming pot clubs headed to Denver:

WHEN WILL THE POT CLUBS OPEN?

Applications are available Friday, but the city has no deadline for issuing the licenses, which will cost $2,000 a year. An informal workgroup made up of police, restaurants, state health authorities and marijuana activists is meeting to suggest regulations for the city licensing authority, but the final call will be made by city regulators.

Those looking for a career in cannabis can check out the Colorado Cannabis Career Summit and Product Showcase on Thursday at the City Hall events venue.

There’s expected to be more than 50 cannabis companies representing upward of 1,000 jobs, according to Vangst, a Denver-based talent agency focused specifically on the marijuana industry.

The summit and showcase take place from 2-8 p.m. Thursday at 144 Broadway. The event is free for people who have a valid MED Occupational License.

It turns out a law degree is just as helpful in launching a medical marijuana business as it is dealing with mortgages.

Charlie Bachtell was general counsel at Chicago-based mortgage company Guaranteed Rate when the lawyer in him became captivated by Illinois' medical marijuana law. He left mortgage banking and today the 38-year-old is the CEO and co-founder of medical marijuana company Cresco Labs. 

As he stood among the drying plants in Cresco's Joliet growing facility, Bachtell talked with the Tribune about why he switched careers and what it's like combating the stigma surrounding the industry. The interview has been edited for length and clarity.

Attitudes towards cannabis have shifted dramatically over the last two decades, and this has been reflected in recent changes to the law in many countries around the world. Just this November, an additional four US states voted to make recreational cannabis use legal, bringing the total to eight, (plus Washington DC). And over half of US states have legalized medicinal cannabis use.

But, given that cannabis was previously a prohibited drug in almost every country, regulators face major challenges in getting to grips with what is now a flourishing legal cannabis industry. And in the USA, with individual states making their own laws while the drug remains illegal at the federal level, the situation is further complicated.