Unpacking the cannabis industry
As evolving perceptions and legal standards pave the way for increased legality, the cannabis industry is rapidly expanding worldwide. To help navigate this complex arena, there are few essential things you need to know about the cannabis industry.
Legal status of cannabis
Perhaps the most complicated aspect of the cannabis industry lies in its legal status. Cannabis laws can vary greatly by country and even within states or provinces. Some places have completely legalized both medical and recreational cannabis use, others only allow for medical use under certain conditions, and some prohibit it entirely. Even in areas where cannabis is legal, there are often strict regulations in place for its sale, use and distribution.
For example, in the United States, cannabis is considered a Schedule 1 drug at the federal level, making it illegal. However, many states have enacted their own laws allowing for medical and, in some cases, recreational cannabis use. This disparity between state and federal laws creates complicated legal scenarios for businesses operating in the cannabis industry.
The economic impact of the cannabis industry
The cannabis industry has a significant economic impact, with projected worldwide sales reaching nearly $57 billion by 2027, according to Arcview Market Research and its research partner BDS Analytics. This is fueled by both the legal recreational sector, expected to deliver 67% of the total, and the remaining 33% coming from medical cannabis.
With the cannabis industry growing at such a rapid pace, it has also become a significant job creator. In the United States alone, the industry is expected to create over 300,000 jobs by 2022.
Medical cannabis and research
Medical cannabis has been the subject of much research, with studies indicating potential benefits for conditions ranging from chronic pain to epilepsy. The use of cannabis for these and other medical purposes is legal in many places, but research is often hampered by legal restrictions, particularly in places where cannabis is still considered an illegal substance.
Despite these challenges, the body of evidence supporting the therapeutic benefits of cannabis continues to grow, further legitimizing the industry and its potential for growth. With an increasing demand for both recreational and medical cannabis, potential investors, business owners, and consumers alike will benefit from understanding the nuances of the cannabis industry.
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