Cannabis Business Growing Faster Than Any Other Industry in the U.S.

business, cannabis

According to recent reports, there’s speculation that the legal marijuana industry could become even larger than the entire organic food industry within the next decade if the current trend towards legalization spreads across the United States. A number of research groups have found that the market has been growing exponentially year after year, and in many states it is currently outperforming some of the top crops like corn and wheat. Over the past two years, talk of legal cannabis business has gone from an interesting dinner table conversation to being acknowledged as the fastest growing industry in America. If you also want to profit from this growing industry, make sure to start with an extraction lab business plan. This plan will help you to start your business and it is also necessary for licensing.

Cannabis Websites Popping Up Left and Right

A huge part of the industry’s recent boom can be attributed to the growing number of cannabis-oriented websites that seem to be coming out of the woodworks. You can easily find the best ways to purchase legal weed online. Popular sites like Weedmaps, Leafly, and Dispensaries (https://www.dispensaries.com/) are leading the way in a burgeoning sector that is predicted to continue taking off during the next 5 years. In fact, cannabis investment research firm ArcView Group has predicted that 14 states will legalize recreational use and at least 2 more states will legalize medical marijuana by 2020.

Industry Will Exceed $10 Billion Annually Within the Next 3 Years, Yet Banks Aren’t Jumping on Board?

The report from ArcView also suggests that if we continue to see a similar rate of growth from now until 2019, the industry could reach an overall annual market worth more than $10 billion within the next 36 months. Despite the tremendous financial potential the sector presents to brave investors, most financial institutions and lenders are still unwilling to deal with cannabis businesses due to the plant’s federally illegal status. While at first glance this seems as though it could hinder growth, it has actually led to the appearance of a number investment firms and lenders who are capitalizing by specializing in this somewhat controversial area. For instance, POSaBIT is an innovative payment point of sale system allowing easy cannabis payment processing for marijuana and cannabis stores, dispensaries, and more.

Stats Only Reflect Legal Business

What’s even more interesting is the fact that most of the stats being gathered in these reports are only pertaining to legal medical or recreational marijuana businesses. Of course, there’s still a massive black market out there, with many patients and recreational users even preferring to shop directly with growers or local dealers rather than paying standard dispensary prices. Thus, it’s reasonable to assume that if you were to combine the black market sales with legal sales, the cannabis industry overall is already larger than all of the top crops combined.

Where’s All the Horrible Crime We Were Supposed to See?

If one were to assume the classically over-conservative viewpoint of marijuana, it would be easy to think that America is being overwrought by a dangerous plant and that our crime rates should be soaring through the roof. To the contrary, a number of reports have shown that areas with legal medical marijuana actually have lower crime rates than those where it is illegal, and the decision to legalize recreational marijuana has even reduced crime rates in many communities.

However, while there has been a reduced level of crime, certain types of scams concerning medical marijuana have increased. One such scam includes forging medical marijuana cards. A medical marijuana card validates your legal patient status and certifies that you use cannabis on a qualified prescription for medical purposes only. Many people have found success in being able to sell fake cards, so it is important to remember that if you are someone who needs a medical marijuana card, you must know how to avoid fake MMJ cards before purchasing. This can help to ensure that you are receiving the products you need legally.

Coming to a Store Near You?

As the internet has made it easier for everyone to do their own research and more difficult to lie to the public, a growing number of citizens are realizing the obvious truth that marijuana is not nearly as intoxicating or dangerous as alcohol. With the world taking a more fact-based approach to marijuana legislation in the 21st century, there’s a very good possibility that you’ll be able to buy a “fat sack” from your local convenience store within the next 5-15 years, depending on which state you live in.

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