Cannabis has exploded onto the business scene as a viable and profitable industry in recent years. With more and more states legalizing the use of cannabis for both medicinal and recreational purposes, entrepreneurs are finding new and innovative ways to cash in on the green rush.
These days, it is extremely easy for people to get their hands on any cannabis product, be it a cannabis vape or a THC-laced beauty product. Thus, there is seemingly no end to the possibilities for cannabis-based businesses. With so much potential for growth, it’s no wonder that cannabis is being hailed as the newest business frontier.
The demand for cannabis is increasing, especially with legalization spreading as well as the medical benefits of cannabis coming to light. This has resulted in a booming industry, with cannabis businesses popping up everywhere. This is expected to continue on the rising path, especially with mass legalization expected to hit the world.
For a very long time, cannabis was outlawed in most parts of the world, including 29 states in the US. This meant that cannabis was mainly cultivated, sold, purchased, and consumed illegally. However, it did not stop the demand for cannabis, and the cannabis market remained active.
Thankfully, legalization is spreading throughout most parts of the world, which has allowed cannabis to be decriminalized and the market to open up significantly. This also opened a doorway of opportunity for many entrepreneurs to venture into the cannabis market and establish businesses, creating employment and contributing to the economy through tax.
The cannabis industry has many markets and divisions, so businesses can never expect any single market to be too saturated at these early stages. The cannabis market is booming in the US, and even though not all states have fully legalized cannabis, there is progress.
In Europe, however, the cannabis stigma is still widespread, and legalization is a highly politicized issue among many parties in countries across Europe. Malta in Europe has legalized cannabis, and as a result, more countries are feeling the pressure from their citizens, including Germany, whose New coalition government declared its intention to legalize cannabis for recreational use.
Other countries such as Luxemburg, Italy, and Portugal might soon follow. Where business is concerned, global legalization seems a good move because of the positive effects this will have on the economy.
The cannabis industry is seen as a job growth market because the industry has created countless high-paying jobs. According to Leafly, a leading cannabis site, now is the best time to find employment in the legal cannabis industry, which demonstrates the growth in this industry and its opportunities for growth.
There are many jobs to do in this industry, and for someone who wants to work in this industry, there are wonderful potential positions that will become more available when legalization spreads more rapidly. Some of the most popular jobs in the industry include:
- Edibles chef
More employment opportunities mean a strong labor force, which will strengthen this industry and position it more firmly in the economy. The cannabis industry as a whole supports a total of 428,059 jobs.
In the US, cannabis sales increased by 40% nationwide in 2021, from $18 billion in 2020 to $25 billion in 2021. Globally, cannabis saw an increase to $31 billion in 2021, which complements the growing demand for cannabis.
Every part of this industry is booming, and the support and use of cannabis are growing rapidly all across the US and the world, with 91% of adults wanting weed legalized. Now more than ever is the ideal time to join this market as an entrepreneur or an investor. There is a diverse market with many lucrative business opportunities.
Since legalization, the demand for cannabis has skyrocketed. This industry is a gold mine for entrepreneurs and investors, and there is so much room for job creation, which will strengthen the economy. Overall, this is one of the most successful and fun markets globally, and there are plenty of avenues to explore for success. As legalization continues to spread, so will the demand, and ultimately, the industry will strengthen even more.