Undoubtedly, the cannabis investment is a booming business and has experienced tremendous growth in recent years. If you’re running a marijuana dispensary, you should be ready for a takeoff. This is why; it’s expected that legal marijuana sales will grow to over $20 billion in 2022! And that’s from approximately $10 billion in 2018, according to the Marijuana Business Daily. This shows the fast growth in the industry, and we expect more in the coming years. Nevertheless, there are various things to know about the industry.
Check them out:
- The marijuana industry continues to create more employment opportunities.
It’s expected that the marijuana industry will create more full-time jobs. The careers revolve around marijuana growth and people working in ancillary businesses. These are workers who aren’t in direct contact with the product but offer other services such as legal services. Marijuana dispensaries are also worth mentioning, and these offer multiple job opportunities. These include cashiers and budtenders working at the Bonita Springs medical marijuana dispensary and other legal cannabis stores.
- Some states regulate recreational cannabis.
Six states in The US regulate the use of recreational weed. These are California, Alaska, Colorado, Nevada, Oregon, and Washington. In Washington, an adult over 21 years can legally buy and possess up to 2 ounces of cannabis and grow six plants at home. You’re also allowed to give out one ounce of weed to others who are over 21 years. However, selling the product between users isn’t legal.
- 3. Legal sales are expected to double.
Annual sales from cannabis have been on a high since 2017. These hit 8-&10 billion in 2018 and are expected to double in 2022. Revenue from exercise tax is also on the rise, and income from licensing fees hit $247.4 Million in Colorado in 2017. As the demand rises, the total sales and revue from the industry keep growing. If visiting Bonita Springs, FL, for the first time, you’ll realize that there are different medical cannabis stores, thanks to the high demand.
- More states have legalized medical marijuana.
The legalization of medical pot in most states has resulted in its increasing demand. For instance, the chronic pain sector held a 39.6% revenue share in 2015. This is due to the widespread use of medical cannabis for chronic pain management. Cannabis stocks are also rising in value, and many investors are now interested in this growing industry.
Cancer is expected to be the fastest-growing application for medical cannabis.
Most clinical tries indicate that cannabis has displayed cancer-destroying abilities. The increasing cancer prevalence has spiked interest among researchers regarding the use of cannabis or cancer treatment. And this is one factor that will drive the demand for medical marijuana over the coming years.
In summary, the use of cannabis states back to decades ago. However, the legalization of medical and recreational cannabis has resulted in safer and high-quality products. You can now acquire different medical weed products from a dispensary near you to treat various health ailments. You can also grow your cannabis at home if this is permitted in your state.