It’s currently impossible to deny that cannabis producers are seeing a major surge in demand. From cultivation to product manufacturing, the marijuana industry is booming. More people are onboard with its legalization, and governments worldwide are changing laws in favor of this herb’s recreational and medical use. Therefore, the future looks nothing but bright for the cannabis industry presently.
So if you’re an entrepreneur, investor, or job seeker looking to make some profit from an expanding industry, cannabis might be the best bet. And there is no better time to make a move than now. However, before getting into cannabis, it’s essential to learn a thing or two about this industry to give yourself a solid footing.
Therefore, this article covers five things contributing to the bright future of the cannabis industry and how they affect stakeholders moving forward.
The future of the cannabis market
The first time the American public considered marijuana legalization was in 1969 when Gallup posed the question in the form of a poll. Back then, only 12% of Americans supported the notion of legalized cannabis. The poll shifted slightly in 1970 and then in the 2000s when support skyrocketed.
Another poll conducted by Gallup in 2019 revealed that 66% of people were in favor of pot legalization. If you consider the past, it’s easy to see a significant shift in opinion in favor of cannabis. And since the passing of the Farm Bill, the District of Columbia and 11 other American states consider cannabis legal for recreational use, whereas 33 states across the U.S has legalized medical cannabis and other cannabis-derived products like CBD.
In addition to this, the cannabis industry in the U.S alone is expected to reach a compound annual growth rate of 14%, with a market value of about $30 billion by 2025. Given that things seem to have changed so fast and all the hype about CBD, what is CBG and medical marijuana has transformed the health and wellness landscape, here are some of the reasons behind the astronomical growth of the marijuana market.
1. The incredible health benefits of cannabis
The first and foremost reason behind the growth of the cannabis industry is that users have awakened to the several incredible health benefits it provides. Today, more people want to learn about CBD and how it can help them fight conditions such as chronic pain, inflammation, insomnia, stress, and symptoms of anxiety, among many others. This increase in interest has become the real needle-mover for the cannabis industry since a large portion of cannabis users rely on it for medical purposes.
2. The changing attitudes of consumers
Believe it or not, the majority does carry the vote, and the opinions of the masses can contribute a great deal to the growth of an industry. At least that’s the case with the marijuana market. At this point, it’s difficult to know if the change in attitude toward marijuana led to the legislation changes or the legislative reforms caused the widespread change in attitude. Whatever be the case, the stigma associated with pot use is slowly but surely fading away.
3. A maturing industry
Like every other industry, the cannabis market will go through different stages of development until it reaches maturation. The past couple of years have recorded several new cannabis-based businesses in countries like Canada and the US. These businesses consist of different types with varying focuses within the same industry. Some of them are large corporations, and others are small retail stores. Together, they make up the cannabis growers, marijuana product marketers, distributors, and sellers. Hence, showing that all the pieces of the puzzle are coming together nicely.
4. Cannabis has become a cash crop
Today, you can buy cannabis in abundant quantities, provided you have the resources to afford it. This due to the fact that several entrepreneurs have ventured into marijuana cultivation. It comes as no surprise since the demand for the product is so high across different countries. Therefore, more people join in an attempt to meet the demand.
5. Cannabis is now mainstream
All you need to do is visit major health and wellness publications online, and you’ll find endless resources and content on cannabis. The herb has become part of many households in the U.S and currently draws a lot of traffic. At the moment, it is poised to penetrate the commercial market on the world stage.
Conclusion
If you study the trends in the cannabis industry, it’s easy to notice why many believe it’s still in its infant stages. As more people and governments continue to accept the medical and recreational uses of marijuana, the change in laws will lead to more scientific research. This will, in turn, result in a better understanding of the active compound that cannabis contains and how these compounds interact with the human body.
Overall, you can expect better cannabis products, more potent strains, and more opportunities for expansion into new markets. However, there are still some hurdles that the industry needs to overcome to turn the corner finally. Until then, the future looks promising!
Be the first to comment