How Is The Cannabis Industry Changing?

The cannabis industry is in a state of wide-scale change, and you can play a large role in how the future unfolds. Cannabis has shown remarkable growth over the past couple of years. But the industry has also proven to have its own share of challenges. While the industry is still in its infancy, there are already a number of companies that are growing. It definitely has some significant challenges to overcome, but it has the potential to grow at a pace that would put the industry on par with others.

America’s cannabis industry has been on an upward trajectory over the last few years. The end of prohibition in many states has brought a much-needed wake-up call to the cannabis industry to think about how it’s regulated. With more states legalizing marijuana for medical or recreational use, it’s important for cannabis companies to understand the regulations they’ll be operating in from state to state. Recent changes in federal law are creating massive opportunities for cannabis entrepreneurs and employees alike. In this article, we will take a look at the current state of the cannabis industry, and how you can capitalize on the opportunity.

The Growing Cannabis Industry

Cannabis has shown remarkable growth over the past couple of years. The industry has also proven to have its own share of challenges. While the industry still has that “new baby smell”, there are already a number of companies that are growing at a rapid pace. The end of illicit cannabis use in many states has brought attention to how the cannabis industry should be regulated. Some states have taken the opportunity to craft their cannabis regulations from the ground up, some have opted for a more hands-off approach, and others have opted for marijuana to be treated just like alcohol.

The end of marijuana prohibition will lead to several more opportunities for cannabis businesses to create growth. We’ll see which ways the marijuana industry develops as time goes on, but one thing is for certain: with the right approach, the cannabis industry is booming. If you’re looking to start your own cannabis business, it’s essential to do your research. Many people online won’t tell you what to do if you want to start your business and even those that may feel qualified may steer you in the wrong direction. However, there are plenty of established cannabis entrepreneurs that would be happy to help for you along the way.

Of all national economies, the United States is one the most cannabis-friendly. North America consumes cannabis at the highest rate in the world. American cannabis consumption is a multi-billion dollar industry, as evidenced by this recent report. In 2019, cannabis is believed to have generated a total of $3.7 billion in revenue for the cannabis market. This industry has been steadily growing since the state of Colorado first decided to legalize marijuana, and it seems that there is no going back. It has fueled a 24% increase in employment within cannabis, with 6% of America’s workforce actively using cannabis at this point. Further, new research found 312,000 new jobs supported by the cannabis industry in 2021.

The Future of the Cannabis Industry

The U.S. cannabis industry is still fairly new and has enormous potential, but the future of the industry is changing as things become more clear. New research is beginning to support claims that cannabis has evident benefits for certain medical conditions and that recreational use shouldn’t be a one-and-done affair. While the investment opportunity for cannabis startups is significant and currently being unequalled in recent history, it won’t happen overnight. Many states will need to approve legal responses towards recreational use before cannabis can be widely accepted by society. When that does happen, it will be an exciting time to partake in the cannabis community.

The largest weed market in the U.S. right now is California. California voters approved Proposition 215, which legalizes recreational use of cannabis, but has resulted in a rather uneven start to the cannabis industry in the state. Due to the relatively low amount of restaurants and bars that can legally sell cannabis, the cannabis market in California has largely been found in the form of vaporizers and edibles served at home. Scientifically, cannabis works on the body in the same way as alcohol and is regarded by some as medicine. With the recent research into the benefits of cannabis being reported, it is likely that the acceptance of cannabis will continue to grow.

Opportunities in the Cannabis Industry

The cannabis industry has incredible job opportunities; equaling or even exceeding those of similar industries. Some interesting and popular jobs in the industry are software developers, analysts, and budtending. Additionally, the cannabis industry has a booming job market for HR managers where they need to be on the lookout for cannabis-related candidates. If you are interested in cannabis-related job opportunities, these are great times to be in the industry — especially the software development and analytics positions.  While we continue to see things return near full speed after COVID-19, it is still evident that there is an incredible need for millions of cannabis licenses in the USA. For those looking to get into the industry, the cannabis industry as a whole is a dream to work in. Looking for those motivated by passion and growth. Any development within the cannabis industry will show an unparalleled package in terms of job security and earning potential.

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