The Cannabis Industry is Expected to Grow and Lead to More Benefits within the Next Few Years

The Cannabis Industry is Expected to Grow and Lead to More Benefits within the Next Few Years

October 18, 2021 0 By Stephen Callahan

The cannabis industry is helping several economies in North America. The amazing growth of this industry has led to job creations, reduction of crime rates, and better medical assistance for patients. As more countries legalize the use of medicinal cannabis, its market value will rise exponentially over the next ten years.

According to the data presented at ArcView Market Research, monthly sales in the industry, which is worth $1.9 billion currently, will reach at least $3.3 billion by 2025 if more countries follow suit and legalize medicinal cannabis. In addition to this growth, medical marijuana research firm GW Pharmaceuticals believes that the US market might hit a staggering $20 billion mark once it starts regulating recreational use of weed.

Although the market is growing exponentially, it has to face several political and social challenges to reach its full potential. For example, according to a recent poll conducted by Gallup, only 23 percent of people in the US approve of marijuana use. However, such data also shows that this number is rising rapidly and will soon cross the 50 percent mark. The poll results indicate that more than 12 percent of Americans (about 33 million) will use marijuana for recreational purposes if it is legalized throughout the country.

Industry experts believe that this sudden rise in demand for cannabis and its related products will help the industry create an estimated 2.5 million jobs by 2026. According to a study conducted by New Frontier Data, expanding the production of cannabis to all 50 states will create more than a quarter-million jobs and help local businesses generate as much as $192 billion within three years.

The industry is not just confined to creating jobs for Americans; it is also helping US farmers earn more profits. According to reports, American farmers grow 49 percent of the total marijuana consumed around the world. However, due to federal laws, they can only transport their product within states where weed is legalized. This prevents them from traveling between growing regions or selling cannabis grown in one region to another.

As more countries legalize the use of medicinal cannabis, the demand for locally grown products will rise exponentially. In addition, the industry is also trying to help farmers shift their focus from traditional crops, such as wheat or corn, to cultivating cannabis and other marijuana-related products. These moves will lead to a high growth within the cannabis industry and more benefits will be seen.