Even today, at this moment, marijuana remains an illegal commodity in the United States. However, the legal prohibition has not stopped the US cannabis market from growing and becoming a multi-billion dollars industry. Amidst all that confusion and hurly-burly, nine states and the District of Columbia allow the recreational use of marijuana.
More states are lining up to get the recreational use of weeds legalized. No wonder smoking pot has become a huge business in the US with portable vaporizers and weed pens ruling the day.
According to a recent study, the emerging of market in cannabis took about nine billion dollars in sale in 2017. Now that California has joined the bandwagon, market experts believe that sale of marijuana may rise to $11 billion dollars in 2018 and up to $21 billion dollars in 2021. It’s not just the cannabis enthusiasts that are benefiting from smoking pot and using pen vaporizers, it has also dramatically impacted the entire economy of the country.
Creating Jobs and Opportunities
The marijuana industry has been creating a lot of jobs and opportunities. There are more than 9,397 active licenses for producers who are authorized to sell marijuana for recreation purpose. Ed Keating, the chief data officer from Cannabis Media says that this figure includes licenses for manufacturers, cultivators, retailers, distributors, deliveries, dispensaries and labs.
Studies reveal that more than 100,000 people have found employment in the marijuana farms responsible for cultivating high-quality strains throughout the year. In 2017, the industry employed about 120,000 people and this is expected to rise and reach 292,000 by 2021.
The growth in marijuana industry has resulted in several benefits for the country’s economy. Legalization of recreational marijuana has resulted in collecting tax revenue that can be used for building infrastructure or strengthening education. The state senator from Nevada says that this is an incredible move because money was made even when it was illegal. Now that recreational use has been legalized, the country is now reaping tax benefits.
The products derived from marijuana have changed widely. The legal dispensaries stock extensive items from traditional flower to the processed products such as hash, shatter, oil and rosin that can either be vaped or smoked. Marijuana edibles are also available and these include candies, baked goods, and gummies.
Future of Cannabis Market in the USA
Although the use of medical marijuana is currently not legalized in the USA, the industry is slowly spreading its roots into the health and wellness segment. CBD or cannabidiol is available in the form of edible candy and it is useful in treating epilepsy or chronic pain.
The current status of the marijuana industry in the United States is overshadowed by the cloud of uncertainty. The marijuana business owners are unsure whether or not they should expand their business in such a shaky or risky business atmosphere.
Canada has already legalized the medical use of marijuana and talks and reports suggest that the recreational use of the weed may also start soon. We hope that the bid sea of change in the neighboring country may also impact America and it might ultimately legalize the medical and recreational use of marijuana in all states. Troy Dayton, the CEO of Arcview Market Research, believes that a major upgrade on the marijuana industry may come forward after the 2020 Presidential elections.
Top cannabis companies getting involved with magic mushrooms to treat depression and addiction. As excitement builds, it’s opening a range of opportunity for companies that have already established launching cannabis products including The Yield Growth Corp., GW Pharmaceuticals, Tilray Inc. Psilocybin is the active substance extracted from hallucinogenic mushrooms. Current research says it’s infeasible and way too expensive to form psilocybin extracts from magic mushrooms.