The Future Of America’s Marijuana Industry
Future Of America’s Marijuana Industry is the most used, cultivated, and trafficked illicit drug. As the push for its legalization continues to grow in America and abroad, cannabis is garnering more attention from researchers, manufacturers, and investors. Under federal law, marijuana is illegal. That’s because it’s categorized as a Schedule I drug in the U.S.
However, the legal marijuana sector keeps thriving. As of 2018, the legal cannabis industry was estimated to be worth $10.4 billion. The New Frontier Data shows that 250,000 jobs are devoted to handling the herb. Today, the medical use of marijuana is legal in 33 states. 10 of these states allow adults to use cannabis for recreational purposes.
This number is likely to grow as more people accept the notion of legalizing cannabis across the U.S. The use of marijuana-related products is also spreading. For instance, many people are looking for and using the best cbd oil for pain and other medical conditions. Thus, the marijuana market will expand, and people use it for different purposes.
Future Of America’s Marijuana Industry
The Reefer Madness film produced in the 1930s aimed to teach children and parents about the dangers of using marijuana (Future Of America’s Marijuana Industry). Initially, the film was intended to educate the audiences. However, it’s now a satire piece and a cult classic.
The same way people have changed their attitude about this film, their feelings about cannabis have changed. It can be attributed to the available information about marijuana and its potential benefits when used for medical purposes.
At some point, the drug was considered illicit. Federal law still classifies it as a controlled substance. However, the stigma that once surrounded marijuana is quickly being shed, and the plant is on the way to the mainstream.
More people are using products derived from marijuana. The number of people searching for products like the best cbd oil is increasing by the day. Around 62% of Americans believe that the federal government should legalize the use of cannabis. It is two times the number of people that held the same idea in 2000 and five times the amount that had the notion in 2021.
A study conducted by New York University showed that the number of adults between the age of 50 and 64 years that use marijuana has doubled over the last decade. Marijuana use among adults aged 65 years and above has increased 7 times over the same period. What’s more, experts predict that by 2030, the marijuana industry in the U.S will generate $17.5 billion worth of tax revenue.
The Democrats are in control, and Jeff Sessions are gone. 296 Congress members represent 33 states where medical marijuana is legal. As such, Congress has sufficient votes that can pass the long-awaited bills. Congress has several statements about marijuana ready.
In 2018, marijuana firms raised funding worth $13.8 billion. This amount was four times what they built-in 2017. And, this trend is expected to continue. However, banking reform is also essential to the U.S cannabis industry.
Currently, the big banks are afraid of charges on money laundering that they are likely to face when they work with cannabis companies which sells dab pens for sale. Apart from the challenges the companies will face when seeking capital, they are likely to encounter tremendous inconvenience and risks when operating. It explains why the American Bankers’ Association keeps pushing for clarity in terms of marijuana legality and bridging of the state and federal law gap. Nevertheless, banks are warming up to marijuana just in case Congress passes bills like the SAFE Banking Acts.
The use of marijuana and the best full-spectrum cbd oil may also be legalized in more states, including New Jersey, Connecticut, New York, and Illinois. William Barr, the U.S Attorney General, has made it clear that he won’t go after the marijuana firms that operate in states that have legalized the plant. He added that the current difference between federal and state law should be fixed because it’s untenable. William supports federal law that makes marijuana use illegal everywhere.
Several candidates in the 2020 presidential election have also shown support for the legalization of marijuana.
- Joe Biden, the former Vice President, who wants cannabis to be decriminalized and criminal records of the individuals convicted for possessing it expunged.
- Pete Buttigieg, the South Bend Mayor, who wants drugs to be decriminalized and sentences for drug offenders reduced. Pete wants convictions for drug possessions to be removed altogether.
- Sen Kamala Harris also calls out for a legalization and decriminalization path. Harris is among the sponsors of the Marijuana Justice Act bill along with senators Elizabeth and Cory Booker.
Cannabidiol is a naturally occurring compound in the marijuana plant. This non-psychoactive compound is sold as one of the ingredients of products like oral sprays, oils, pills, edibles, and creams. Some people claim that CBD helps with pain relief, combating anxiety, and depression. It’s also been associated with pain relief among cancer patients.
It’s estimated that the CBD market will grow to $1.3 billion by 2022. Some experts even say the market for hemp CBD can reach $22 billion by the same year. Though there are problematic bumps and regulations, the momentum is too much. What’s more, demand for the best cbd is always increasing.
Softening Stance of the FDA
The current rules by the U.S Food and Drug Administration require drugs with CBD to get its approval. The agency approved a CBD-derived, the Epidiolex, in 2018. Marketing dietary supplements or food products with CBD is also illegal according to the federal rules.
Towards the end of 2018, the FDA issued a press release in which it said that though these products are prohibited for interstate commerce, the agency is allowed to regulate how pharmaceutical ingredients are used in dietary supplements and food. The agency also announced that it’s taking steps to evaluate the need to pursue this process.
In addition to the FDA, technology is playing a significant role in the industry. For instance, some companies have created 0platforms for shipping and delivering CBD products. Words like automation, machine learning, and blockchain will most likely be used when talking about marijuana in the future. For instance, Bloom Automation is creating robots for trimming and processing cannabis.
In a nutshell, the future of America’s marijuana industry seems bright. That’s because of the changing attitudes towards the herb and the growing demand for cannabis and related products.
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