Cannabis is one of the most grown, trafficked, and used illegal substances in the world. Its push for legalization in various parts of the world has caught the attention of entrepreneurs, researchers, and investors. Despite marijuana being considered illegal under the United States Federal law, its market was estimated to be $13.6 billion by 2019 having employed more than 300,000 people as reported by the New Frontier Data. Cannabis has become quite a sensation in recent times and has a promising future in the marketplace. Here are four reasons why its market will grow significantly:
Rise of cannabis consultants
A cannabis consultant is a professional whose work is to guide entrepreneurs who are looking to open a cannabis business but have no experience. Initially, these canna advisors were only involved in helping people set up a grow operation. However, in recent times, their roles have shifted slightly as they are required to help handle the business strategy and help business people maneuver through the legal issues around this industry.
Joining this industry is expensive given all the legal permits that you have to take for you to start operating. Canna advisors also help you navigate through cannabis financing by providing you advice on where you should source funds. These professionals add value to your business which makes finding the right one feel like winning a lottery. Apart from telling you what you need to do, they will also guide you to operate a legit business so that you don’t get into any troubles with the authorities. The presence of these professionals is a clear indication that the future of cannabis is bound to be brighter than it is today.
The United Nations estimates that over 3.8% of the world’s population (roughly 158.8 million people) use cannabis. This number is expected to increase as the call for the legalization of marijuana in various parts of the world goes up. The future of the cannabis industry seems bright as it follows the law of demand and supply.
In recent times, people have begun to devise innovative ways of taking up cannabis. For instance, tech experts are designing new techniques for getting this drug metabolized in the body. Other entrepreneurs have set up clinics where users can walk and get their “prescriptions.” Also, the purported medical benefits of cannabis are contributing to the demand for this product. Globally, it is projected that by 2027, the market size for this product will have grown to $73.6 billion. While North America tops the charts as the leading market share, Canada and other European and South American countries are bound to enhance their share due to the therapeutic importance of cannabis. Thus, if you are contemplating joining this business, you better start now.
Legal leniency to spark industry growth
Cannabis was legal until the 20th century where it was banned by most countries globally. However, the tide is turning as more countries around the world including the United States continue to have it legalized for medical use. It has been found that its legality continues to create opportunities for people to invest in cannabis stocks.
Cannabis is illegal at the United States federal level due to its increased potential for abuse. However, various states are beginning to petition against this federal cannabis policy. Up until now, very few states have legalized it for both medical and recreational use. But, with the ways things are at the moment, there is going to be a shift as more people push for its whole legalization. Once fully legalized, this industry will see the kind of growth that has never been experienced before!
It will introduce more business ideas
Currently, the growing business is flooded which means that you will need to come up with innovative ideas to stay in the market. Among the ideas that you can adopt include cannabis blogging where you write about this evolving market. You could also start a cannabis bed and breakfast where you endeavor to give people an intimate moment to enjoy weed for recreation purposes. You can also invest in cannabis advertising and marketing. Depending on what your interest is, there are just a lot of opportunities in this industry.
The cannabis industry is expected to boom in the future because of these four reasons. In case you are one of those weed activists, you better start thinking of a niche that you could use to get into this sector. The future is promising and the opportunities are endless!