The legal marijuana industry currently generates billions of dollars in annual sales in states where marijuana has been legalized for medical and recreational use. The recreational market in most locations is relatively new so it is only going to expand with time. There is far too much money in this niche to overlook for some entrepreneurs, so competition is becoming more intense. The regulation of the industry has taken some flack due to certain vendors not having correct dosages on edibles or growers using harmful chemicals to increase the yield of their crop. This has mitigated by the advent and regulation of the legal market as more and more quality products are emerging and consumers are becoming far more educated by purchasing at dispensaries that help explain the efficacy of different products and how they should be used. The following are businesses that are benefitting from the legal marijuana industry with non-marijuana based products.
Packaging to Help Make Products Childproof
A concern of many people when marijuana legalization is discussed is the ease of children accessing edibles that look and taste like candy. A great packaging company like Cannaline understands the importance and need for child resistant packaging. The last thing anyone wants is for their child to eat an edible, so make sure, with a reliable edible or concentrate container that you should also keep in a safe place. Packaging, in general, has been very lucrative for many businesses willing to work with marijuana-based companies. The unwillingness, during the infancy of legal marijuana, was due to worry that banks would not accept money, or there would be a legal ramification for creating packages, or labels. Sustainable packaging is also important as the marijuana industry, as a whole, makes an effort to reduce waste.
Pharmaceutical
The pharmaceutical industry will benefit from researching cannabis now that it is legalized in certain locations. The smaller companies like Medical Marijuana Inc. and GW Pharmaceuticals decided to get into the game early while many larger companies worried about the legal repercussions of studying what is still a federally illegal substance. Medical cannabis use is no longer debatable as there are a plethora of benefits for everything from digestive ailments to improving mental health. Marijuana has also been a target of the president’s many promises, with him vowing to crack down on it with little follow through on the subject. Medical marijuana has proven to be safe, so it appears that it would take quite a process to reverse the current laws. A patent on a certain formula could end up being a business changing venture depending on what researchers unlock from this powerful plant.
Tourism
States that have legalized marijuana have seen a significant increase in canna-tourism for those wanting to indulge and relax on vacation. There are a large number of cannabis shops in places like Colorado if a person wanted to do some marijuana tourism along with skiing or hiking. There are plenty of tours in areas where recreational marijuana is legal and canna-tourism is stimulating the local economies with more people staying at hotels, Airbnbs, and frequenting local restaurants and entertainment venues. A bit of research can help show a person how much marijuana brings to an area whether it is economically or culturally.
The amount of money yet to be made in the legal marijuana industry is staggering. Industries with products or services that can be used in the marijuana industry will continue to boom due to the ever-increasing growth of the market that is expected to reach over $22 billion dollars by 2020. Taking a look at how a business can leverage this market is something that all companies should consider.
