When we hear the term ‘cannabis’ we instantly think of it as an illicit substance, illegal, and addicting. The stigma around cannabis was strong during its early years. However, as time passes by, more and more people are vying about its medicinal contribution. Hence, the proposal of making it legal was submitted and is regulated by many states and countries.
But what are the challenges does the legalization of cannabis have to go through? How did the cannabis industry grow through the years? And what does the future look like for all cannabis entrepreneurs?
Cannabis Industry in its Early Years
The cannabis industry had a rough start in pushing its legalization. It was first legalized for medicinal purposes. The movement of legalizing cannabis started in the United States, specifically in San Francisco, in the 1990s.
A lot of effort has been placed to have medicinal cannabis passed through. In November 1991, the Proposition P was approved by 79% of San Francisco voters, calling on state lawmakers to pass legislation allowing legal use of medicinal cannabis.
The effort was worth it since the proposition resulted in a resolution that allows HIV/AIDS patients to purchase cannabis for medical purposes through the San Francisco Cannabis Buyers Club. The club founding fathers are John Entwistle and Dennis Peron, known to be the Father of Medical Marijuana.
After this initial success, more clubs supported the movement to use medicinal cannabis such as the Wo/Men’s Alliance for Medical Marijuana and the Oakland Cannabis Buyers’ Cooperative.
Years had passed, many propositions and senate bills had been submitted to ensure the legality and to regulate the usage of cannabis.
Proposition 215 or the Compassionate Use Act of 1996 states the legalized use, possession, and cultivation of cannabis by patients with a physician’s recommendation. Use it for treatment for cancer, HIV/AIDS, other diseases such as anorexia, chronic pain, arthritis, and any other illness for which marijuana provides relief.
Cannabis for Recreational Purposes
The challenge of legalizing cannabis for medicinal use is a struggle for many advocates, but lo and behold, Proposition 215 made its way and successfully gave any individual a pass to purchase cannabis as long as it is under the regulation.
However, the struggle didn’t end there. In the U.S., California was the first state to apply for cannabis to be used for recreational purposes. Yet, it was dismissed and ultimately defeated by a wide margin.
On the other hand, Uruguay became the first country to legalize the growing, sale, and use of cannabis. While, Canada was the second country that allowed both the recreational and medicinal use of cannabis.
All these efforts in making cannabis available for purchase in either medicinal or recreational purposes paved the way for the cannabis industry to flourish. Now it has become a potential growing business, which is why it is not surprising that many are interested to cultivate cannabis plants.
If you are residing in a state where it is legal to cultivate your cannabis or plan, you can check GreenBudGuru for advice and tips on how to grow and harvest your weed.
Widespread Growth of Legal Cannabis Business
Ever since the legalization of using cannabis either for medicinal or recreational purposes, many cannabis growers and entrepreneurs efficiently grew their businesses. Most notably that cannabis cannot only be used for the two primary applications.
The cannabis genus has two natural compounds: the cannabidiol (CBD) and tetrahydrocannabinol (THC). Fortunately, the CBD has natural properties that can aid anti-inflammatory and other skin problems such as psoriasis and eczema.
This is why CBD is being infused in a wide retail spectrum, such as in makeups and foods. It’s not surprising why beauty manufacturing giants grab this as an advantage to embed CBD into their products.
Because of this new spectrum in using cannabis, it’s no doubt that there will be a rapid increase in its market growth in the years to come. Data shows that there is a little difference in sales between CBD oil to medicinal marijuana. It shows more businesses and entrepreneurs take advantage of the by-products of cannabis.
Promising Future for Legal Cannabis Entrepreneurs
A projection of $23.7 Billion market growth of cannabis by the year 2023 in the U.S. is possible, thanks to the contribution of CBD-based products. The industry will continue to flourish every year, where cannabis is not only consumed through medicinal and recreational purposes but also for beauty and food.
Not to mention that the widespread legalization of cannabis does not have plans to slow down. In the United States alone, 33 states already legalized using it, generating potential business startups, employment opportunities, and other business ventures.
Further, according to a Huffington Post, the market for legal cannabis in the U.S grew by 74% in 2014, with sales of $2.7 billion. From $1.5 billion from the past year.
The future is bright for all cannabis growers and entrepreneurs, and it seems it will stay that for a long time as more countries and states plan to legalize its usage.
Takeaway
Legalizing the use, cultivation, and distribution of cannabis is a real challenge for many of its advocates. Yet their efforts are paid off since more countries and states are now accepting the significant health benefits and other advantages the drug provides.
The cannabis industry will always be challenged by many who don’t support its legalization. But as foreseen in many market projections, the industry will continue to grow. A few years from now, cannabis users can fully enjoy its medicinal and recreational benefits.
