Over the past decade the United States as well as other countries have begun to legalize the medicinal and recreational use of Cannabis. The willingness of governments to legalize the drug has created a massive industry that generates billions of dollars in the U.S. alone each year.
By using the trend and rise of the cannabis industry over the past several years, we can make educated projections and predictions as to where the cannabis industry is headed in 2020.
The following are four predictions of what will happen with the cannabis industry, based on what industry leaders expect to happen and what the trends of previous years suggest.
Global Cannabis Legalization
More states inside the United States are beginning to legalize cannabis for recreational and medicinal use. Additionally, many countries across the globe are loosening their laws and regulations against the recreational growth and use of cannabis. Countries such as Portugal and Spain have loosened laws related to cannabis use, along with several other European countries. Central America countries such as Colombia have also decriminalized cannabis use, and many countries are reporting substantial financial opportunities and growth as a result.
If we were to project the same trend toward the legalization of cannabis that we have seen globally over the past several years into 2020, it is very reasonable to expect the same substantial increase in marijuana this year.
This expected global rise in cannabis legalization is due to many reasons, not the least of which is the financial benefit it can have on a state or country’s economy. Many have also loosened laws after pressure from the population and lawmakers who advocate for the legalization of cannabis.
Continued Growth of Cannabis Industry
Naturally, with the increase in the legalization of cannabis, it is fair to expect the continued growth of the cannabis industry. It is currently a multi-billion dollar industry inside the United States. If more states legalize the recreational use of cannabis, as most experts expect to happen, then the financial potential within the industry will almost undoubtedly increase substantially.
This is good news for legal cannabis growers. However, it also means that more growers will likely appear. Another winner in this scenario will be the consumer, and competition may lead to a higher-quality product with fewer side effects at a more affordable cost.
Last but certainly not least, it will help local, state and national economies as well. The rise of the cannabis industry likely means more jobs and the ability of governments to collect more in taxes on cannabis-related products.
Further Medical Testing
The cannabis industry is still young. Although more evidence continually suggests that the risk of using the drug is low, we will naturally begin more testing as it becomes more prevalent nationally and globally. In fact, we are already seeing more research and testing of cannabis.
Currently, the leading nation for cannabis testing is Israel. Many countries are interested in their findings and beginning to conduct more research on their own. Other companies and organizations such as CannRx are looking to continue to learn more about cannabis through research and even improve the way we use the drug. CannRx seeks to maximize the benefits of cannabis while lowering the doses needed to achieve those benefits.
Additional medical testing is a good thing for cannabis enthusiasts. It allows them to learn more about how to use the drug safely and reduce the risk of side effects.
CBD Market Growth
In addition to an increase in the legal purchasing of marijuana, it is also reasonable to expect an increase in cannabidiol (CBD) products as well. CBD is legal in most states throughout the United States, and it is mainly used for medicinal purposes. CBD is not psychoactive and it does not contain more than 0.03% of THC, which means it does not have the ability to produce a “high” sensation.
Hemp growers are also increasing throughout the country as the rise in the hemp industry rises. Hemp is used for a range of purposes, and the reasons for growing hemp continue to increase. This means more manufacturers will likely purchase more hemp, making the industry for prospective hemp growers far more attractive.
As CBD is also a young industry, new and improved products are almost certain to appear. More people are also likely to hear about the benefits of CBD as more research occurs, which may also lead to even more CBD market growth.
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