The marijuana industry has been growing steadily since its legalization in the United States, with more than 75% increase in sales, and contributing greatly to the economy of this nation. To date 11 states have legalized marijuana for recreational use and other 33 have authorized cannabis for medicinal use.
Legalization has seen the creation of a diverse range of companies related to the production and distribution of marijuana, driving the creation of hundreds of thousands of new jobs. Some of the industries that have directly benefited the most from marijuana legalization include farms that grow the plant, to the dispensaries that sell its many product forms, as well as various distribution channels, including delivery services.
Below are some of the popular industries that have developed since marijuana was legalized.
Before marijuana legalization, farmers used to practice secret-indoor farming which consumed much energy. This is now changing since they can freely grow the plant outdoors and utilize the power of the sun. Farming legally has enabled this industry to take advantage of traditional farming practices such as irrigation and multi-farming. Legalization has enabled farmers to practice quality control, including the use of organic fertilizers and eco-friendly growing methodologies. These innovations improve productivity and improve the marketplace, reducing demand for marijuana black markets.
Following the legalization of marijuana in some states, dispensaries selling cannabis have mushroomed nationwide. As earlier mentioned, many people have secured employment in these dispensaries including young people, thus reducing the crime rate in towns due to joblessness.
Legal dispensary owners have had to advance their marketing strategies to compete in this legal market. This means that if you desire to venture in this business, you will need more than the investment capital and the proper licenses, you will be required to create a compelling retail experience, and a differentiated brand. Dispensaries need to stock their shelves with the right products for their local customers and offer the best customer service.
Dozens of new cannabis delivery services have sprouted all over the country, thanks to legalization. Initial cannabis laws featured restrictions concerning the sale, use, marketing of marijuana, and licensees could not freely make deliveries to their clients.
In recent years, however, several legal states have amended their regulations to allow for home delivery, and this has helped improve customer satisfaction as well as retention.
The manufacturing industry has been a huge beneficiary of cannabis legalization. Marijuana is no longer just a smokeable product. Cannabis, once its active ingredients are extracted or distilled, can be infused into a wide range of products — ranging from beauty lotions and potions, wellness and nutraceuticals, food and beverages, sweets and savories.
The legalization of marijuana for both medical and recreational use has transformed a once cottage industry into big business. Investors are rushing into the cannabis markets, along with entrepreneurs intoxicated with the endless opportunities the Green Rush has presented. Cannabis legalization is driving the growth of a number of ancillary and adjacent industries, and industry analysts expect its current growth to continue to expand for decades to come.