The Untapped Potential of The Cannabis Industry
by Roger Tower on June 22, 2020
The legal cannabis industry has exploded in the last few years. But many obstacles still stand in the way of it reaching its full potential such as battling against an established illicit market, unavailable economic support from federal financial institutions, and now, pushing through a global pandemic. But experts predict that the legal cannabis industry, with all its setbacks, is still expected to grow into a $73 billion market by 2027.
According to statistics published by Cannabis Offers, the state of California is number one when it comes to legal cannabis sales generating $3.1 billion in 2019.
Working Towards Federal Legalization
Legalizing cannabis on a federal level would promote significant market growth. With more people than ever on board with the green movement, the cannabis industry has made big strives towards federal reform recently.
Research shows that 67% of Americans believe marijuana should be legalized. 33 states have legalized medical marijuana sales, while 11 states have fully legalized adult cannabis sales.
This year, dozens of cannabis reform bills have been introduced in legislation across the country. 13 states had introduced marijuana decriminalization bills, however, most legislative sessions were put on hold due to the Covid-19 pandemic.
Positive Economic Impacts
Another benefit of the legal cannabis industry is job creation. From legal cannabis dispensaries to testing labs, and distribution centers. The developing sector has played an important role in increasing employment rates. There are 243,700 legal and full-time cannabis industry jobs in 2020, a 15% increase from the previous year.
In California, we’ve seen the most cannabis jobs, followed closely by Colorado and Washington. According to Marijuana Business Daily, the median salary in the cannabis industry is $58,511 compared to the median U.S salary which is $52,863 per year.
Continued Market Growth
The U.S cannabis industry is still demonstrating consistent growth. Experts predict $17 billion in sales for 2020. This lucrative industry still has not reached its full potential but continues to expand nationally and globally.
Although there have been many bumps in the road, the legal cannabis industry continues to move forward with a consistent growth rate in the coming years. Event through a global pandemic, the cannabis industry proved to be an essential business and demand actually went up in most cases.
If you’re looking to venture into the legal marijuana industry in California, don’t do it alone. WeCann can walk you through the difficult cannabis licensing process saving you time and money. Finding cannabis friendly real estate in California has never been easier. Our database is filled with cannabis business opportunities. Contact us today for a consultation and find out how WeCann assist you.
