The Cannabis Market Enters 2017 On A Strong Footing

NEW YORK: Over the recent few years, particularly in 2016, the legal cannabis industry has accomplished some significant milestones. Most importantly is the change of public opinion regarding the use of cannabis, both for medical and recreational purposes. Before the November 8th elections where five states voted on legislation reform, a Gallup poll showed that 60% of Americans support legal cannabis use. According to the poll, that is the largest percentage of support for legalization ever in the recorded 47-years of studies conducted, with support increasing among all age groups.

As a result of this election cycle, as five additional states voted in favor legalization, including California, the largest market for the industry, The Drug Enforcement Administration also changed its approach. The DEA has previously declined to reschedule cannabis under the Controlled Substances Act, has now made easier access for research, and upping the number of authorized manufacturers that supply the substance to researchers. As for the industry’s presence, a recent report published on cannabis licenses conducted by research firm Cannabiz Media, the cannabis industry is entering 2017 with 2,966 medical dispensaries and 3,973 retailers across the country, with more than 4,200 cannabis cultivators.