What’s New on the Cannabis Market?
It would not be an overstatement to say that the COVID-19 pandemic changed the world in an unprecedented manner, and this change has called for a shift in the way people view certain substances. Of course, we are talking about the medical and recreational use of cannabis. 2020 has been a peculiar and truly challenging year for millions of people out there, and we need to acknowledge the value of certain things that can make that burden at least somewhat easier on us. Prior to all that chaos of 2020, the Cannabis industry has already been the fastest growing in the US, but the pandemic has taken it to a whole new level. Today, we are going to talk about the biggest news on the market.
Market Growth
As said, weed has been growing among people in the US, pun intended, for years now, which made the cannabis industry the fastest growing in the country. It is estimated that the legal weed market is now worth around $24 billion – an astonishing amount of money, and the estimations are for even greater growth. With the stress and anxiety induced by recent events around the world, people need some healthy remedies.
Legalization
2020 has been a big year for cannabis consumers across the US. In 2021, more than 111 million people across the country can already enjoy legal recreational weed. Such states as Arizona, Montana, Missouri, New Jersey, and South Dakota have passed respective laws to legalize recreational weed. With the Marijuana Arizona Laws being more liberal, people in this state, as well as other states across the country, can now enjoy the new era of freedom. That freedom to decide what you do with your consciousness and your body is what defines a free state, and it is the right time that we understand that basic truth. With the legalization of weed across different states, the adult population receives access to a healthy remedy that allows people to reduce stress and anxiety as well as address certain physiological issues such as chronic pain.
Acceleration of cannabis e-commerce
The year 2020 reinforced the fact that cannabis is a highly demanded consumer good. It also proved that e-commerce is essential for the modern market. People have been buying stuff online more than ever, and of course, weed was one of the popular products purchased online by Americans and people around the world where cannabis is legal. It is estimated that online purchases across industries, not just cannabis, reached over $794 billion, which is a stunning number. Of course, the trend for online shopping will not decline even after the pandemic is over, and the 2020 situation has shown people how convenient and simple it is. We can expect people to continue using online stores for purchasing all sorts of goods, which would certainly include cannabis.
Green Economy
Since March 2020, more than 57 million people across the US have lost their jobs and filed for unemployment. Of course, even with its rapid growth, the cannabis industry cannot provide such a large number of jobs, but it can surely cover at least some of those. Right now, the cannabis market provides just a bit shy of 250,000 jobs. Jobs are not the only factor contributing to the restoration and growth of the economy. Weed strengthens the states’ economies with tax money, which will turn essential as the local budgets dwindle. As an example, Arizona plans to issue a 16% tax rate on cannabis products, and the money will go to the local colleges, fire departments, police, and health care facilities. We are talking millions of dollars in tax money that is sure to benefit the state and its population.
The Future of Weed Industry
Though the cannabis industry is quite young, as most countries haven’t lifted their bans on medical and recreational weed, we can already see a bright future ahead for marijuana. More and more people join the legalize movement every year, and more and more countries out there now consider decriminalizing or legalizing weed. European countries, in particular, now seem to look at weed in a more favorable light. As for North America, one-third of the US and a whole of Canada now enjoy legal marijuana. That is a positive progression for those who want to exercise freedom over their bodies and mind. That is the right of every adult to have freedom of choice, especially when it comes to such nearly harmless substances as weed.
It is estimated that the weed industry’s growth will double over the next four years, which is good news for anyone planning to start a business or get involved with it in any other way. It is essential for us to focus now on the healthy development of the market and responsible consumption of marijuana. All the adults consuming weed have to remember that responsible consumption is vital if they want to truly benefit from this product.
Wrap Up
The cannabis industry has seen immense growth over 2020, and it is safe to assume that this trend will go on. As more and more states legalize weed, we are sure to see some strong evidence for the economic benefits of legalization, which would lead to the further adoption of medical and recreational weed across the country and all over the world. The trend is clear, and with all the recent news pointing at the positive effects of weed on the economy, the job market, and individual health, we express our hopes for a bright and green future.
