The Rise of the Cannabis Industry
As international distribution agreements are made across the globe, the global cannabis industry continues to grow and become more and more competitive. According to a new report from a cannabis market research firm, Brightfield Group, the international market for cannabis is estimated to hit $31.4 billion by 2021.
The most recent country to follow suit in the mass legalization of cannabis in Canada. The legalization of marijuana around the world follows the growing pro-marijuana culture. People are beginning to accept its medicinal value and the impact it can have on the economy. Some of the major trends pushing the growth of the cannabis industry are:
- Mass acceptance marijuana
- Cannabis as a wellness lifestyle
- Growing communities around cannabis
- Cryptocurrency for cannabis
- Cannabis Tourism
- Cannabis Micro dosing
Facts About the Cannabis Industry
- According to Marijuana Business Daily, the industry employs between 125,000-160,000 full-time workers. It's estimated to add another 340,000 full time jobs by 2022, reflecting an estimated growth of 21 percent per year.
- Annual retail sales of cannabis are expected to rise by 50 percent from 2017, reaching $8 billion to $10 billion by the end of 2018, according to Marijuana Business Daily.
- There are 15 countries that now legalized the selling and use of marijuana.
- In the US, counting both legal and black market sales, the total demand for pot is approximately $52.5 billion, Marijuana Business Daily found.
In America, the recreational sale of marijuana is legal in Alaska, California, Colorado, Nevada, Oregon, and Washington State. Sales are not legal in the nation’s capital.
Legalization of marijuana has been a hot political potato for a long time. Now in 2018, the tide is finally turning, legalization is here and the industry is booming and growing.