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Cannabis business: an overview of the industry

Photo by Cova Software on Unsplash

Over the past few years, the cannabis industry has been growing rapidly on a global level. It first started as a recreational drug but has now spread into numerous industries including the medical industry, beauty industry, fashion industry, and agricultural industry to name a few. The spread of legalization has been one of the biggest contributing factors that have led to the growing success of this industry, and although cannabis is not legal in all parts of the world, there are many places where cannabis consumption has been legalized including 18 states in the US as well as other countries around the world Jamaica, Australia, Netherland,s and South Africa to name a few. If you’re interested in learning more about the cannabis industry, keep reading.

Growing support

Cannabis was outlawed for nearly a century and the media and government helped fuel a stigma which made many associate cannabis as something dangerous and deadly. As more information about cannabis started being published and legalization started to slowly spread, as the stigma started to fade and people started embracing the idea that cannabis is harmless and healthy. In America, two-thirds of the population think cannabis use should be legal. A further 91% say cannabis should be legal for recreational and medical use showing just how widely embraced cannabis has become. The United States takes the title of the world’s largest cannabis market and in 2020 alone, the US generated more than $16 billion in sales from cannabis.

Recreational use

Cannabis has always been used recreationally and has also always been known to be a recreational drug. There are 3.43 million recreational cannabis users in the US with most users consuming at least once every day or two. When you think of recreational cannabis consumption, the first thing that jumps to mind is a joint or a bong, maybe even edibles. Today, however, there is a wide variety of cannabis consumption methods available for recreational consumers and a variety of accessories as well. According to the Daily High Club website, dab rigs, vaporizers, bubblers, hand pipes as well as other accessories can make your experience more convenient considering there is a lot to choose from and you can find the one for you easily.

Billion-dollar industry

 The cannabis industry is a very profitable industry that has grown tremendously in the past few years. When it comes to the most profitable products, the top of the list of cannabis flowers with traditional cannabis buds remains the most popular product amongst users. Concentrates are also a top product as well as edibles, vapes, pre-rolls, and live resin. It is predicted that the legal cannabis market in the US alone will reach $160 billion in 2025 from cannabis sales.

Market trends

As much as cannabis flowers are a popular product and contribute massively to the success of the cannabis market, there is also a huge growing market for less invasive consumption methods amongst cannabis consumers. One specific market that has been on the incline is the tincture and sublingual market as well as cannabis beverages which have been on the incline in the US and Canada specifically. There are even cannabis-infused alcoholic beverages that are now being manufactured and sold. There are countless studies and research done on the cannabis market and all contributing factors that make this market a success. There is research and data available on the sales and distribution of cannabis and all the market trends. The products that trend are the ones that are less invasive, healthier, and safer to consume. People are also drawn to more innovative consumption methods such as cannabis beverages.

The cannabis industry is on the rise globally with countries all over the world embracing legalization. Cannabis has also leaked into numerous other industries such as the fashion, beauty, agriculture, and medical industry which shows that cannabis is here and ready to take over! Many people are starting to embrace a more holistic view of life and cannabis is starting to be a go-to substance for healing, relaxation, and just overall health and wellness. If you are an entrepreneur or an investor, this is the market to go into because this cannabis industry is very popular and very lucrative.

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