As legalization has progressed, more people positively perceive cannabis products as several encouraging trends have developed.
Since 2012, adult-use cannabis legalization has swept across the United States. Thirty-six states and the District of Columbia currently allow medical cannabis in the United States. Additionally, 16 states in the United States allow adults to use such products for recreational purposes. As more individuals learn about the potential medical benefits of cannabis, the laws and stigma will continue to fall. It will lead to easier access.
Research regarding the health benefits increased medical interest in cannabis products had led to a flourishing of the cannabis market.
The Positive Impact of Cannabis Products
Legal markets for cannabis products have developed as legalization has been implemented. As more states enact legalization, the demand and supply for cannabis products will likely rise exponentially.
A recent study by the website Real Estate Witch has shown that the legalization of cannabis products leads to increased business and increased home values. Between April 2017 and April 2021, property values rose $17,113 more in states where adult-use cannabis is legal versus states where cannabis is illegal or limited to medicinal use.
In 2019, the legal cannabis market in the United States was worth an estimated $13.6 billion, providing over 340,000 jobs across the country.
Cannabis Legalization and Changes to Society
A survey by Pew Research highlighted the peoples’ changing attitude towards cannabis, with 67% of Americans in favor of legalization. The growing support for cannabis has almost doubled since the early 2000s, when only 31% of Americans wanted these items to be legal.
While individuals initially found it challenging to attract investors when dealing with cannabis, it is becoming easier. A more thorough understanding of how such compounds work and positive legislative changes have removed such financial barriers.
As the science and medical benefits of cannabis have become well-known and the lucrative nature of cannabis products has become so self-evident, corporations and celebrities are endorsing cannabis products and investing in ventures focusing on cannabis in greater numbers.
All these changes have made cannabis activists hopeful for federal legalization.
Federal Cannabis Legalization Reforms Needed
Banking reforms will enable and encourage American banks to invest in such businesses. It will help them pump more money into the sector without worrying about laundering charges. The American Bankers’ Association has demanded more legal clarity to help bridge the gap between investors and entrepreneurs.
The passing of bills, such as the SAFE Banking Act, would make it easier for cannabis businesses and cannabis companies to access better funding and capital.
According to a study by New York University, the percentage of people between 50 and 64 consuming cannabis doubled. Regarding cannabis use amongst senior citizens, statistics show a seven-fold increase.
Thus, a Cowen Bank analyst predicted the industry would generate over $85 billion in sales by 2030.
With such revenue being generated, it will likely lead to increased employment opportunities. It could also lead to innovations in medical cannabis to treat patients with rare conditions.
As more and more states continue to legalize this wonder drug, the future of the cannabis business looks bright.
(Photo courtesy of https://pixabay.com/photos/marijuana-leaves-cannabis-green-3678222/)
