Marijuana is famous worldwide, and currently, the push for legalizing this product continues, thereby attracting attention from researchers, investors, and manufacturers.
According to New Frontier Data, the value of the legal marijuana industry in the U.S. is approximately $13.6 billion as of 2019, with 340,000 jobs resulting from direct or indirect handling of cannabis.
So, how does the future of the marijuana industry in the U.S. look? Here is what you need to know.
Technology will continue shaping the industry
It is a fact that technology continues to have a direct impact on our lives and various sectors of the economy and the marijuana industry is no exception. For instance, Dutchie, an on-demand marijuana and cannabis delivery service, boasts raising $3 million in 2018 from basketball player Kevin Durant and rapper Snoop Dogg venture capital firms, among others.
On the other hand, Eaze, a weed delivery company, prides raising $37 million and its valuation is reportedly $300 million. The firm’s most recent announcement is creating a platform for shipping CBD products to 41 states.
Additionally, Bloom Automation is building robots for trimming and processing cannabis, and MTrac is promising to end the marijuana industry’s banking woes. You can expect to hear the use of such words like blockchain, machine learning, and automation within marijuana circles much more going forward.
The attitude toward pot is changing
People’s feelings about marijuana are shifting in favor of the product. That is partly as a result of an understanding of the benefits of using marijuana. As such, the stigma revolving around marijuana is fading away at a breathtaking speed, and by the look of things, this product may be well on its way to the mainstream.
According to Vivien Azer Cowen’s analyst, the expectation is that the U.S. marijuana industry will generate $85 billion in sales in 2030. Also, 67% of Americans advocate for the legalization of marijuana, according to a Pew Research survey.
There are several bills in the new Congress regarding marijuana, and significant policy reform about this product is likely, which will pave the way to its legalization. In that case, the future of the marijuana industry in the U.S. appears bright, according to the details herein.