There is not one drive that’s helping grow the marijuana industry; instead, there are a bunch of different factors that are contributing to the growth. With legalization becoming more commonplace, innovations in the field, further research into use and medical impacts, and a lot more, the cannabis industry is continuing to grow and is expected to for many years. Some of the forces behind the growth include the following.
Momentum Towards Legalization
There is a growing momentum towards legalization. Within the US, though marijuana is still not federally legal, more states and local areas are allowing for its use. This increase in legalization makes it easier to purchase, including the ability to purchase autoflowering marijuana seeds to grow at home instead of having to rely on what’s available from a dispensary. This provides more access for consumers, allowing them to tailor their use to their own needs instead of just looking for what’s available locally.
Huge Market Potential
The rapid increase in consumer demand has created huge market potential for businesses. Consumers are looking for both THC and CBD products, including a wide range of different types of products, leading to an expected $100 billion in revenue growth over the next decade. This is also helping change the laws surrounding marijuana, as many governments are starting to see the potential to use it as a way to bring in more taxes as well as to create new jobs in their jurisdiction. This helps fuel the growth even more as more governments legalize it and tap into the potential it offers. This, in turn, helps to push towards federal legalization and the potential for even more growth over time.
New Innovation and Diversification
With the rapid growth comes innovations and diversification. Tech-driven cultivation is becoming far more common and helping to improve both yield and quality. More products are available, from edibles to drinks, topicals, and concentrates. This helps to make it more accessible for a wide range of people and can help it reach those who may be looking for medical assistance, not just recreational use. All of this helps to increase the potential use of marijuana in the future as well as spurs further legalization in new areas.
Expansion to Global Markets
There is also a large increase in the number of companies that are able to expand to global markets to sell cannabis products. As the marijuana industry continues to grow, it helps to normalize its use, which means many places are treating it more like caffeine or alcohol instead of a drug that needs to be prescribed. More people are using it for wellness or self-care, and it’s crossing over into other industries and helping to create new business models. As the growth continues, it’s also expanding to other countries. Many more countries are legalizing marijuana, allowing businesses to expand not only their products but also their reach.
These are just a few of the changes that are happening now and are helping to continue the growth of marijuana acceptance and use today. It’s becoming far more available for the average person as legalization continues to grow, and there are many new products being created for consumers to use. It is expected that this growth trend will continue as marijuana becomes legal in more places and more people are able to use it in new and innovative ways.