Though cannabis is used all over the world since long but its use has recently been legalized in the international market. The cannabis industry has been transformed from the illegal industry into the legal industry due to political and legislative efforts done in the United States and other countries of the world. Now this industry is offering exceptional opportunities to the investors to invest in it.
Usually, the producers in a new industry have to wait for an increase in the demand of their products to a satisfactory level but in the case of the cannabis industry, things are quite opposite. The demand for cannabis is already very high throughout the world. The producers have to ensure the global supply of cannabis to get a quick recognition in this industry.
Some of the important things that have generated enormous opportunities in the cannabis industry are briefly discussed here under for your consideration.
Difference between marijuana and hemp
The important thing to be considered before investing in the cannabis industry is that the term cannabis includes a number of products with different properties. Though marijuana and hemp are extracted from cannabis plant still they are different from each other. Marijuana is a psychoactive product that includes a high level of THC, the component that makes you feel high’. Hemp, on the other hand, also has some active ingredients like CBN and CBD, etc. but they do not generate high’ like THC in marijuana. For this reason, most governments encourage growing hemp than marijuana. Hemp can also be used in various other industrial uses like making fibers, paper, animal feed, and fuel, etc. whereas marijuana is normally used for recreational purposes.
Impact of the cannabis industry on the global economy
According to various researches, the estimated worth of the marijuana market can be over $145 billion by 2025. It means that marijuana in the cannabis industry will be the 59th largest item that will influence the global economy, according to the figures submitted by the IMF in 2017. This clearly shows that the industry of marijuana is potent enough to affect various other industries as well as the global economy to a considerable level.
Moreover, cannabis tourism is expected to grow at a faster speed all over the world in the coming few years. Various cannabis products like marijuana and CBD are used for various medical purposes like treating cancer, and chronic pain, along with a number of other health conditions and disorders. It can effectively lower the cost of traditional methods of health care treatments.