How the cannabis industry became so profitable

cannabis industry

The number of states that are legalizing marijuana is growing resulting in the industry growing in return and the perception of marijuana smokers is changing as well. Marijuana is no longer a taboo topic that is demonized in society, these days a lot of research has surfaced highlighting the many health benefits that the herb has, including pain relief, anti-inflammatory, helping with nausea, PTSD, depression and anxiety.

There are a whopping 158.8 million marijuana smokers in the world- more than 3.8% of the world’s population and with so many smokers, there has also developed many different ways that you can smoke and consume these days. All these smokers need somewhere to buy their smoking accessories and Grasscity is one of the most established in the industry. All of this progress in the marijuana industry has resulted in massive profits as the cannabis industry is worth an estimated $14.9 billion and is expected to reach $82.9 billion by 2025.

The health benefits

Marijuana is no longer just used for the traditional recreational use. The herb contains THC and CBD that has shown to have many medical benefits including:

  • Helps with chronic pain
  • Eases chemotherapy side effects such as nausea
  • Pain associated with Multiple Sclerosis
  • PTSD
  • Eating disorders
  • Mood disorders
  • Anxiety disorder

More products

Technology is a massive part of our modern society and it has advanced tremendously allowing the marijuana industry to grow massively as well. There are now many different ways that we can consume marijuana besides smoking it, some of these methods includes:

  • Edibles: This is when you consume marijuana orally through different food and drink products such as gummies, brownies, cookies and even beer. With edibles, the cannabis is cooked with a base ingredient such as butter or olive oil and then that ingredient is used to cook an edible. The high from an edible takes longer to kick in but the high lasts longer, usually about 4-6 hours. This method of consumption is also much healthier than smoking.
  • Tinctures: Tinctures is a liquid form of marijuana. You place 3-4 drops of tincture under your tongue and then allow it to dissolve and work its way into your system. You feel the effects after 15 minutes and this method is very convenient to use in public because it is odourless.
  • Topicals: These are lotions or balms that are infused with cannabis that relieve pain, soreness and inflammation. Topicals use the CBD component of marijuana so you will not feel a psychoactive high. The benefits of this form of consumption is that it can be applied directly to the skin to target small or large areas.

Growing number of users

Close to 55 million adults use marijuana, growing significantly from the 35 million users that were reported in 2015. The perception is shifting and there is no longer a stigma attached to marijuana use. It is safe to say that society is easing up and becoming far less judgemental of the herb. The following statistics shows some of the current feelings about marijuana in society:

  • 49% of people support recreational marijuana legalization.
  • 56% of people say that marijuana use is socially acceptable.
  • 70% of people say that marijuana is less risky than alcohol.
  • 76% of people say marijuana is less risky than tobacco.
  • 54% of marijuana users are parents.
  • 52% of marijuana users are millennials.

New categories

The marijuana industry goes beyond just THC. CBD is now running to the forefront of the industry with many products being introduced into society that contain CBD including tinctures, topicals, pills, vaporizers etc. So what is CBD? CBD stands for cannabidiol which is the second active ingredient in cannabis and is an essential component of medical marijuana. CBD is derived directly from the hemp plant which is considered marijuana’s cousin plant. There are many benefits that CBD offers including easing the symptoms of anxiety, depression, acne, heart disease and inflammation. It also helps those suffering from cancer by providing a natural alternative for pain relief and nausea. Unlike THC, CBD does not induce a high so you just gain the health benefits when consuming it and CBD has created an entire new consumer group of marijuana because no longer is it just being used for recreational use but also by those who are suffering from various health conditions looking for a natural alternative to healing.

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