Business: The booming Cannabis Industry

by | Apr 3, 2021

For a long time, marijuana has been a taboo subject in almost every part of society. However, “The times they are a-changing”, just like Bob Dylan’s song says.

Attitudes from the general public and governments are changing worldwide, and it is becoming a more accepted subject among people. Many states have now legalized it in the USA, while most Americans think smoking Marijuana is socially acceptable. Whether it is legal or not, marijuana is not for everyone, so it’s up to the individual to decide, much like alcohol.

For those involved, though, the industry has become massive as the worth of the legal cannabis industry was a hefty $15 billion on a global level in 2019. It is expected that in 2024 it will rise even further, up to $43 billion. Many people are now wondering what it is about the industry that has made it so popular and why it is so profitable?

List of states with recreational cannabis

  • Alaska
  • Arizona
  • California
  • Colorado
  • District of Columbia
  • Illinois
  • Maine
  • Massachusetts
  • Michigan
  • Montana
  • New Jersey
  • New Mexico
  • New York
  • Nevada
  • Oregon
  • Vermont
  • Washington
Map of US state cannabis laws

The legal cannabis industry was a hefty $15 billion on a global level in 2019. It is expected that in 2024 it will rise even further, up to $43 billion.

The benefits

There are various benefits of consuming marijuana, and it is thought that most of those benefits come from cannabidiol or CBD. One of them is pain reduction, as it is considered helpful for chronic pain treatment. Consuming marijuana can reduce pain caused by arthritis, migraine, endometriosis, fibromyalgia and boost cancer patients’ appetite after treatments. It is also believed that marijuana’s component CBD helps the reduction of inflammatory conditions such as Crohn’s disease, irritable bowel syndrome, and overall health. Marijuana is sometimes prescribed to support the treatment of some of the neurological and mental disorders like anxiety, epilepsy, Parkinson’s disease, multiple sclerosis, and post-traumatic stress disorder (PTSD). Consuming marijuana may also help with insomnia. The medical marijuana industry has significantly benefited from this, and it has served people suffering from various conditions to find relief.

CBD can provide many benefits for the body; it can help reduce anxiety, stress, treat pain and stimulate the appetite.

What is CBD?

First of all, CBD is short for cannabidiol, which is a basic element of medical marijuana. CBD can provide many benefits for the body; it can help reduce anxiety, stress, treat pain and stimulate the appetite. CBD mixed with hemp seed or coconut oil makes CBD oil, which can be infused in many drinks and foods. CBD is also used in skincare as topicals and creams that reduce pain and sore muscles. Depending on where you live globally, this may be more accessible, depending on local laws.

Wide Range of Products

One of the other reasons it has become profitable is because of just how wide the range of products is due to technological advances. Inhalation is the most well-known cannabis consumption method. Those who want to smoke cannabis can get joints, water bongs, blunts, and pipes. Vaping is another trendy inhalation method, especially as it is considered a healthier inhalation method. Dry herb vaporizers are the most popular because they are also easy to use. Just put the cannabis in the heating chamber, regulate the temperature, and inhale the vapor.

Alternatives are vape pens and dabbing. Although inhalation is the most famous method to consume cannabis, there are many other ways to do it, which are preferred by people who don’t want to smoke. Some of the available edibles come in the shape of cannabis-infused drinks, baked products, and gums. Tinctures are made by immersing cannabis in alcohol, and they are absorbed sublingually. To achieve full effect, one puts a few drops under the tongue and holds it there. The topical way is more of a delivery method of cannabis. These products are absorbed through the skin, so the user applies them to the areas of muscle soreness and pain.

The number of Marijuana users

Nowadays, numerous people smoke marijuana, and that trend seems to be increasing over the years. We can find the reasons in the fact that the stigma that was related to marijuana has fallen away. Interestingly enough, the number of marijuana and cigarette users is almost equal, and soon, we are likely to see the number of marijuana users surpassing. If we dive into the numbers, we will see that more than half of Americans have tried marijuana at least once, while 22% of them currently use it. Support for the use of marijuana has also increased by a lot. In the 2000s, it was lower than 20%, while today we have almost 50% support for marijuana legalization and 56% of them that consider its use socially acceptable.

With all the new progressive laws, the wider social acceptance, the medical benefits, and the vast array of products now available, it’s no surprise to see the Cannabis business booming.

New York became the 15th state to legalize cannabis for recreational use on the 31st of March, 2021.

Find out more about the new changes in State laws

Lokal_Profil, CC BY-SA 2.5, via Wikimedia Commons