The marijuana industry is one of the biggest and fastest rising industries in the world. Starting out as a dark horse, nobody would have expected it’s initial, and then continuous success.
Given the negative stigma that comes with marijuana, it came as a shock to the world when it became recreationally legal in the US state of Colorado in 2012. Nobody would have expected that America would legalize the once demonized drug after more than 50 years of 'The War On Drugs'.
Now, more than 10 years after the first state legalized recreational marijuana, more and more states have followed suit. It was such a huge success, that in their first year, Colorado generated over $300 million in tax revenue from marjuana. The sales could have been higher, but as the state was not prepared for the overwhelming demand, the first years of legalization was actually in an extreme shortage of supply.
In 2019, when the supply reached an equilibrium with demand, the state generated over $1 billion worth of tax revenue. This number is predicted to soar even higher in the coming years.
This incredibly lucrative yet relatively new market is so successful that it has attracted billion dollar investors from all around the world. As the market continues to flourish, these investors are paying close attention to the trends that are still forming and gradually changing in the hopes of riding the waves of success of legalized marijuana.
There are more products
The incredible rate of growth of the legal marijuana industry can be attributed to the advancements of modern day technology. These advancements have produced amazing results, such as Smoke Cartels beautifully made custom bongs, dab rigs, and vaporizers, that are slowly helping shed the negative connotations of legal marijuana.
For example, vaporizers allow users to not only prolong their usage, but also provide them with a clean and smooth hit, all without the need to burn any plant matter. Not only is this healthier, this saves a ton more marijuana in the process.
In addition to this, there is also another great byproduct of technology from legal marijuana, which is CBD, also known as Cannabidols. CBD does not contain any psychoactive effects of the plant, but provides massive benefits to a various number of health problems such as Alzheimers, chronic pain, and depression. Scientists are currently studying the correlations between CBD and cancer, as observed, cannabidiols have the ability to kill cancerous cells.
Customer knowledge is increasing
In the past, customers and the general public was not that aware of the health benefits of marijuana, but since the advent of recreational legalization the laws barring study and experiments have been lifted. With that, many customers are highly knowledgeable about a lot of the products, how it is made and much more.
Customer knowledge in the field has grown so much that there are now a ton of suggestions and demands for new marijuana and smoking technology. For example, they want it to be cheaper, or they want the best quality, both in most cases. Furthermore, there is also a consistently increasing demand for the best strains available, thus compelling growers to experiment with their craft to come up with new and more potent strains.
More sales and legalizations
As the stigma around marijuana slowly starts to be replaced with education on it’s benefits, more people have become aware of the underlying benefits the plant has to offer to society, and also the unhealthy parts of it.
Users have started to realize how unhealthy smoking marijuana is for the lungs and throat, and with more states legalizing, this will become a main concern amongst the public. That is why, there will be a spike in the demand for sales of not just top quality marijuana, but also the products that can help users consume it in a healthier and more beneficial way.
More cultivation methods
With advances in technology there are now more cultivation methods than ever. In fact, it is incredibly easy and cost effective to grow indoor marijuana now more than ever. Previously it was expensive and dangerous due to the heavy laws against marijuana. However, with more cultivation methods, this means there will be enough supply to meet the demand.