Before we discuss why the cannabis industry is expanding, it is important to understand what it is and how it operates. The simple definition of the industry is that it covers any activities that are related to cannabis and hemp and their production and sale. Here, we will go through some of the reasons why the industry is set to expand going forward.
The cannabis industry is set to grow massively in the next few years. This is no surprise with the large market it caters for. The sector covers a mass of different products, but often when people think of cannabis, they narrow it down to the sale of recreational or medical marijuana.
While these products do make up a large part of the industry, they are not the only form of revenue. The cannabis industry, in fact, includes things such as clothes, shoes, skincare, make-up, and soaps. These are all made from the hemp plant which has a low percentage of THC. Having no psychoactive nature, hemp is a popular choice for those wanting treatment without the ‘high’.
Cannabis and hemp are growing rapidly in popularity, meaning revenue for the industry is on the rise. Even though the market is young, it has still shown some impressive growth, especially in the US. In 2016, the cannabis industry was worth around $7 billion, and most of that money was generated from medical sales.
In 2017, the cannabis industry went on to bring in a further $9 billion to $12 billion. Whilst this growth was not as large as the growth seen in the wider healthcare sector, it is still very impressive – especially for what can be a controversial industry.
It is no surprise that medical marijuana is one of the industry’s largest profit points. The cannabis industry without medical marijuana would not have been able to reach the potential it has today. Medical cannabis is the term used to describe any form of medical treatment where cannabis is involved or used.
Medical marijuana helps to treat many illnesses such as nausea and sickness from chemotherapy, epileptic seizures, and chronic pain. Medical marijuana has allowed and helped cannabis to become legal in many countries including Canada and The Netherlands. Because of this, it has aided the industry to grow massively over the last few years and has allowed users to understand its potential.
With the industry growing, more and more people are seeking work in relation to cannabis. As the number of countries legalising cannabis grows, so will the number of employment opportunities. There are endless jobs available in the sector, from entry-level to management. Jobs include everything from harvesters – who help to grow the plants on farms – and retail jobs.
Because the industry is growing, many companies are looking for managers and marketing teams to help grow their products and abilities. The more people who want to work in cannabis, the more the industry will grow worldwide.
The cannabis industry is expanding in many ways. It is bringing about new medical hope for those suffering from many lifelong illnesses. It is also bringing employment opportunities to many which may help to improve poverty throughout the world. If the sector continues to grow rapidly, it has the potential to be one of the largest markets of the future.
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