The cannabis industry is expected to see striking growth in the upcoming years. This is plausible because more and more people have begun to understand the benefits of the drug. Apart from the recreational and medicinal purposes and benefits of cannabis, the cannabis industry has the potential to impact the economy in a great way. Since the growth of the industry can be beneficial economy-wise, we shall take a while to understand the growth projections of the cannabis industry in the year 2021.
Given its phenomenal impact on the economy and the growing market, cannabis stocks are expected to grow considerably, with a certain amount of risk. However, a few companies such as Origin House, Canopy Growth, Cronos Group, and Auxly are likely to do quite well. The Cronos Group stock, for instance, went up by 45 percent in only a year, portraying the massive potential of the industry.
Research by scientists has shown that marijuana can be used for several medicinal purposes. This is why doctors have begun to use it as a medicine to treat several conditions. This simply implies that the sale of marijuana will see a remarkable increase across the country. Maritime has grown 80 percent in a year, clearly implying how beneficial and profitable the medical marijuana industry is. Further, medical marijuana is supported by doctors at 76 percent.
As mentioned earlier, the cannabis industry can be a great tool to stimulate the economy. The economy of a country can be greatly benefitted by legalizing cannabis. The cannabis industry is capable of growing 130 million dollars per year. This was proved when the marijuana industry in California fetched 345. 2 million dollars in tax revenue last year. Thus, it becomes clear that with the right planning, management, and execution, the cannabis industry can be extremely profitable.
Since the legalization, there has been a 140 percent increase in the number of people who used marijuana for the first time, and the states that are on the brink of legalizing the drug hold a massive majority of the American public, who support the legalization of marijuana. The figure currently stands at 66 percent. Legalization in these states is quite possible in the near future.
The growth projections of the cannabis industry in 2021 clearly show that the industry, if controlled efficiently, has the potential to fetch millions of dollars while keeping the interests of the people at the top.