Thanks to new laws and attitudes, the cannabis industry is growing rapidly. Predictions estimated the cannabis market would be worth $7.9 billion by the end of 2017. By the end of 2025, that estimate jumps to $24 billion.
By the end of 2020, the cannabis industry is projected to create over a quarter million jobs in the United States. Additionally, more and more states are legalizing recreational and medical marijuana.
Here’s brief outlook of the cannabis industry’s projected growth.
From 2016-2017 the cannabis market thrived. By the end of 2017:
According to New Frontier Data, a company that performs marijuana market research, those numbers will only go up from there. By 2025, they predict:
The projected outlook of the cannabis industry assumes no additional states legalize medical or recreational marijuana. However, New Frontier Data shows increasingly positive public attitudes. For example:
Combined, these market statistics emphasize that cannabis is a thriving industry with a positive future outlook. However, there are still some challenges.
In 2016, only 300 American banks and credit unions provided financial services to the cannabis industry. Since 2017, that number only increased by 68. That means only about 3% of U.S. financial institutions cater to marijuana-based businesses.
Federal regulations are the root of this issue. Financial institutions are required to:
Because of this, most banks and credit unions refuse to serve the cannabis industry.
Even with the legalization of marijuana in various states, the federal government still considers weed to be a Schedule 1 drug. This means there are federal restrictions on where and how the cannabis industry can advertise their products. Some major restrictions include:
As a result, the internet is still the best advertising platform for the growing cannabis industry. Creating a dedicated site for your marijuana business is recommended. Additionally, working with others in the pot industry can help advertise your business and promote your products.
Despite financial and marketing difficulties, the cannabis industry’s economic outlook is optimistic. New Frontier Data shows that legalizing weed generates tax revenue and creates new jobs. The report on growth in the cannabis industry outlines the following:
As the cannabis industry grows, the economic benefits increase. Nevertheless, before joining the industry, it’s important to understand the career opportunities available.
Marijuana is not legal everywhere in the United States. Because of this, individuals seeking to become a part of the cannabis industry’s growth might need to move to a different state. Since the majority of cannabis careers exist in the retail and administration sectors, it’s important to find a state with storefront opportunities.
Those looking to join the cannabis industry should keep in mind the following:
As the cannabis industry expands, so have opportunities for women and minorities.
Recent studies showed:
Thanks to changing attitudes and laws, the cannabis industry is growing quickly. Recent studies only highlight its positive future outlook. Despite issues in the financial and marketing sectors, the numbers emphasize that the opportunities for medical and recreational marijuana will only increase.
Whether you’re looking to start your own business or begin working in a dispensary, the career opportunities are there. MarijuanaDoctors.com has the information you need to begin your journey. Find your local dispensaries or get in touch with us to learn more about how to start your own business and join the fastest-growing industry in the U.S.