Friday, June 21, 2024

4 Reasons Why The Cannabis Industry Has Become So Profitable

Cannabis isn’t just about smoking anymore; it is incredibly inclusive to people from all walks of life for both medical and recreational purposes.

In the past few years, there has been one major central theme debated heavily by society. That is the legalization of cannabis. The once demonized plant stigmatized to cause delusions and murderous tendencies have been finally revisited and approved by government officials. As the health benefits of cannabis become more prominent, more and more stares are starting to legalize it.

In fact, legal cannabis has been taking over the market and skyrocketing in growth. During its first year of legalization in Colorado, the state earned over $700 million in tax revenue. The number has since grown to more than a billion dollars a year.

The industry is now considered a mega-giant, catering to those who need it for both medical and recreational purposes. However, there is a lot more to be said about this. If you are wondering about the ins and outs of the cannabis industry and how it became such a profitable industry virtually overnight, then here are a few points to keep in mind.

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Photo by BATCH by Wisconsin Hemp Scientific via Unsplash

A large market of products

One of the bigger reasons why cannabis has become a hyper popular resource is the incredibly wide range of products that are available in the market right now.

Thanks to technological advancements since the advent of legal cannabis, users are no longer only given the choice of a few ways to smoke, such as joints, water bongs and pipes. Many online head shops, such as Smoke Cartel, still sell water bongs, as well as the accessories needed for them. The market is so large that there are even bongs and dab rigs that look like pieces of art, which have now been labeled luxury marijuana products.

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Now, there exist state-of-the-art wax vaporizers which are bound to give you a long-lasting buzz from a quick odorless hit. There are also dry herb vaporizers for the people who still enjoy the feeling of smoking.

Even for those that do not smoke, there are many new ways for them to feel the effects of cannabis. For example, cannabis edibles come in all shapes and sizes, such as ChronTella which is an infused Nutella mix, cannabis lollipops, gummy bears, and more traditionally, cookies and brownies.

For those that do not want to eat nor smoke their dry herb, there is also an option for this demographic. Through the use of tinctures, everyone can enjoy the calming effects of cannabis with a single drop of concentrate under their tongue.

With all these new inventions, cannabis is not just about smoking anymore, it is incredibly inclusive to people from all walks of life.

Photo by Kirill Vasikev/EyeEm/Getty Images

There are a ton of benefits

One of the biggest reasons why cannabis was legalized is because of its anti-cancer properties. However, that is not the only thing cannabis is good for. Almost like a cure all, the plant offers a ton of medical benefits to users. For example, it is well known to reduce anxiety for many people as it offers a calming effect. Medical cannabis is also proven to have properties that combat and treat mental disorders such as Tourette syndrome, PTSD, eating disorders, depression, insomnia and many more.

RELATED: The Importance Of Terpenes In Cannabis & Their Powerful Impact On Health

The vast number of medical benefits makes it incredibly appealing to many people. Because of this, the medical marijuana industry has particularly benefited from this and it has allowed people suffering from various conditions to find relief.

A lot of people smoke

You might be surprised to hear, but a lot of people smoke. In fact, a poll conducted in 2020 suggests that up to 25% of U.S. citizens have admitted to using cannabis on a regular basis. One-quarter of the U.S. enjoys the herb, and if infrequent users are added into the mix, then this percentage goes much higher.

RELATED: These States Have The Highest Cannabis Sales Taxes In America

Moreover, the number of users has only been continuously increasing as more and more cannabis dispensaries, lounges and paraphernalia shops are starting to pop up all around the country. Also, as the stigma relating to cannabis has been proven a falsehood by the government, it serves as a bolster to further empower many people’s new outlook on the drug.

It is not only about THC

Cannabis is not just about getting high. There is so much more than just THC, namely CBD, which is the main component of cannabis’s health benefits. It is being use in a variety of ways other than treating mental illnesses. For example, CBD is used in skincare products, topicals, creams for sores and much more. Furthermore, CBD is not psychoactive, so it is more widely available than marijuana as it does not necessarily break drug laws.

This article originally appeared on Green Market Report and has been reposted with permission.


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