Legal Cannabis Industry: Where it Will Grow
It's the world's most commonly cultivated, trafficked, and used drug; as the push for legalization at home and abroad grows, marijuana is garnering significant attention from investors, manufacturers, and researchers.
According to council members who wish to save dispensary operations, the District's "gray" marijuana industry is out-competing the city's licensed medical cannabis sector.
Lawmakers unanimously approved measures that include declaring the week of 4/20 an annual medical marijuana sales tax holiday and allowing people aged 65 and over to temporarily self-attest to obtain a medical marijuana card.
At this point in the cannabis timeline, it's easier to list the number of states that haven't legalized the plant—there are 14, for the record—than it is to count the states that have authorized it for medical, recreational, or both purposes.
With that broad reach came a record-breaking green rush in the last two years, fueled by the Covid-19 epidemic, which designated dispensaries to be critical companies. These companies soon invested in ecommerce and shipping technologies, and were flooded with stressed-out, homebound customers eager to stock up on THC-laced goods.
There has always been a strong case for investment on the health side of the legalization debate, as patients suffering from chronic illnesses, such as Parkinson's, Cancer, Alzheimer's, and many neurological disorders, are administered by medical Cannabis. But recreational use of the product has gained increasing momentum. Moreover, robust programs are touted to reinvest millions of tax revenues from Cannabis into minority communities that the war on drugs has historically victimized.
Changing Attitudes Toward Pot
Remember the 1930s film "Reefer Madness," which was made to educate parents and their children about the dangers of marijuana? The film was created with the intention of educating audiences, but it has since become a cult classic and parody.
People's attitudes toward marijuana have evolved in tandem with their attitudes toward the film. This is particularly true as we learn more about the medication and the apparent advantages of taking it for medical purposes. It was once considered an illegal substance, although it is still classified as a controlled substance by the federal authorities. However, the stigma around marijuana is rapidly dissipating, and it appears that marijuana is on its way to becoming mainstream.
Takeaways
According to New Frontier surveys, the industry's sales so far have come from around 45 million people, which is staggering. And there are still 160 million potential purchasers in the United States. These might be people who are new to cannabis or who are currently shopping in the underground market, which is estimated to be at least four times larger than the legal system in the United States.
Due to federal policy's limitations - from banking access to multistate advertising - the legal cannabis industry still faces an abundance of obstacles. However, it is poised for tremendous growth this 2022, thanks in part to state-by-state legalization and adoption among older demographics and the growth of product lines like THC-infused food and beverages.
