Cannabis Industry Has Insane Growth Potential For 2021 And Here's Why
By Liz Poston
The future is bright for the cannabis industry, which still has immense growth potential. 2021 promises to be a fruitful year for many industry players. As 2021 sets off fast, the marijuana industry is following suit with tremendous growth potential. It's one of the few sectors that's managed to pick up pace now that the world is in a post-pandemic state. More states will legalize the recreational and medicinal use of cannabis products, and the market potential is bursting at the seams. The truth is, as other industries suffered in 2020, the marijuana sector was one of the few to come out with only minor scratches.
Therefore, 2021 can only get better as US cannabis stocks started the year on a high. Now more than ever, more states are permitting the recreational use of cannabis. The latest additions are South Dakota, New Jersey, and Montana, with Mississippi and Arizona following closely behind.
Such events are the driving factor of this thriving industry as many more startups are underway. Innovators and potential business owners find it easy to source funding for their projects, given the great market statistics. Also, there's a lot of business shift as companies join forces through acquisitions and mergers.
Changing Cannabis Landscape in the US
An ever-changing landscape in the country fuels the growth of the cannabis industry as the world moves forward. Products such as sativa weed continue to be on high demand as days go by. Every day there's talk of more states joining the bandwagon to make weed legal within their jurisdictions. Also, among these, many are working on making recreational use legal.
Such frequent changes to the US's legal landscape drive the market forward as it provides more opportunities for industry players. In 2020, three more states made it legal to use weed for recreational purposes. The number will grow in 2021, meaning there's more room for business influencers to grow.
So far, the TSA has made it possible for people to carry CBD when traveling within the US. Such changes in important policies continue to fuel this industry's potential, and many more people are taking notice.
Additionally, more research is underway from scientists and the FDA about the benefits of CBD. Though there are many positive reviews from users, it's crucial to have proof. With that, sellers can now say without a doubt that CBD benefits your health in numerous ways.
All in all, the future for the cannabis landscape looks promising as more investors sink in large sums to keep pushing it forward.
Changing US Market
Before many states joined the wave to legalize marijuana use, the US market was unpredictable. Many investors found it difficult to invest in cannabis-related businesses without proper laws stating what to do and what not to.
2021 and beyond seems more promising to the US market in terms of marijuana as it takes a more firm footing. Since the signing of the Farm bill, more companies are making moves to grow in the industry. It helped many take steps forward because, before this, weed was illegal under federal law.
However, not all cannabis products are legal under federal law. The only ones approved are CBD products with 0.3 grams of THC. These are mainly from the hemp plant known for its medicinal value.
With that in mind, companies are finding ways to set up shop in different states following set guidelines in each. While this is a challenging endeavor, those who rise to the occasion in 2021 will reap the fruits. Other companies are now going a step further and becoming experts in navigating state lines to conduct business legally.
The Rise of New Cannabis Products
The ever-growing cannabis industry is not short of innovations that are driving it forward. 2021 is no exception as more products are on their way that'll shake the industry to its core. Many companies are coming up with more complex CBD products, vaping paraphernalia, and innovative product development methods.
Many of the products on their way might not grandly impact the industry, but some are game-changers. Such products bring forth a whole host of opportunities that significantly boost the sector.
Now that people are openly using and trading in cannabis products, there's a dwindling stigma to worry about. It means that innovators are working tirelessly to bring forth products that will revolutionize the industry and drive it forward.
Final Thoughts
The marijuana industry is here to stay, and 2021 will be a successful year for industry players. More innovations are on their way, which will shake it to its core and benefit numerous stakeholders. Though there are some challenges the industry faces, it's not short of solutions that see it continue to thrive. Also, the continuing legalization in numerous states is a positive point to note.
Featured
In the journey of pursuing eternal love and beauty, a classic and exquisite engagement ring is a dream for many.