It’s clear the cannabis industry is booming and poised to increase its market share in leaps and bounds. Numbers don’t lie, and according to Wall Street analysts, the cannabis industry is set to grow to $80 billion by 2030. But why is the cannabis industry experiencing so many growth opportunities? Let’s explore the reasons.
Widespread Legalization of Cannabis for
The cannabis industry has faced many challenges over the past years, particularly because marijuana was not legal in many states in the U.S. and other areas in the world. However, this is slowly changing. There’s been an increase in the legalization of marijuana for both medical use and recreational use.
The more widespread this legalization becomes, the more industry growth there will be. Currently, there are a few states where marijuana use is illegal in any form (but this is expected to change over time), while others permit the use of medical marijuana. In any case, this general move towards the legalization of marijuana is driving the market for cannabis.
CBD Products Are Becoming Popular
As more areas around the world legalize medical and recreational cannabis, CBD has also become more popular. The wonderful thing about CBD is that research shows it offers some of the medical benefits of medical marijuana by creating a “high.” That’s because most CBD products on the market don’t contain THC, which is the psychoactive ingredient in cannabis plants. This makes CBD products more appealing for a variety of uses.
CBD has been linked to numerous health benefits, including pain relief, treatment of inflammation, and sleep improvement. It also helps that under federal law, the use of CBD products is legal as long as it’s derived from hemp and contains zero or a negligible amount of THC. This makes CBD products more accessible.
Cannabis Is Considered a Natural Treatment
The health and wellness industry has always been big. As mentioned, the legal marijuana market caters to patients who rely on cannabis to manage their health conditions. More and more people are moving away from the heavy use of prescription painkillers because of their negative side effects. On the other hand, cannabis and CBD products are considered natural remedies that are generally safer. In addition, there’s substantial scientific research on the use of cannabis to treat pain and anxiety.
These are some of the reasons why the cannabis industry is booming. All in all, the consensus is that this growth will not be stopping anytime soon. This is something you don’t want to miss out on because this ‘boom’ offers many benefits for everyone.