The cannabis industry has been developing throughout the U.S. for some time now, but with all of the new legal measures, many companies have taken advantage of this and began to create new ideas to help build the market even further. Many of these businesses have received groundbreaking investments, which are all helping to make the industry on cannabis one of the most promising to look out for in the coming years.
State regulators have been working to secure new methods to track every part of the industry in what is known as “seed to sale”. This essentially means that there needs to be some sort of network to help connect these regulatory bodies to the industry itself. New companies have been working to roll-out framework that would allow for real-time analysis of where the cannabis is. Other companies have been working to deal with the new regulations surrounding packaging, making reusable packages that are all in keeping with the new laws. Another sector of the industry has been dealing with the actual growing of the plants by supplying irrigation systems, lighting and even boxes that can grow cannabis all with the touch of a button. These companies have all been quite groundbreaking in terms of building out the ancillary industries that need to be associated with the cannabis market.
The driving factor in the industry thus far has been the amount of energy and persistence these companies have to continue building out this space. There are a large number of issues that companies run into when attempting to work in the cannabis space. One of the largest ancillary markets in the industry has been that of dealing with the federal banking limitations that dispensaries can run into. Since cannabis is listed by the federal government as a Schedule I narcotic, companies in the space are unable to have access to the traditional forms of financial services such as loans and safe-keeping of money. Because of these regulations, companies like Brinks (BCO) have come to the forefront offering dispensaries a way to safely transport and guard their money.
The obstacles in the cannabis industry have been one of the reasons that its growth has taken so long, but these companies are working to change that for the coming years. The industry is on track to gross over $57 billion within the next ten years according to various studies, and much of this could go to these secondary businesses that help to make sure the industry runs in the smoothest manner.
One of the other driving factors in this major industry growth has been the heightened demand from the public. The paradigm for cannabis has completely shifted over the course of the past several years as many businesses have made marijuana quite popular. The sentiment of the public has also changed quite drastically as, by this point, marijuana has become a regular part of daily life in the U.S.
The regulations surrounding the industry are the only factors that need to change in order for the market to begin its path to reaching its full potential in the coming years. With the changing sentiment mentioned prior, it seems as though lawmakers are on the way to drafting bills that make sense for the changing times. The hopes are high that all of these innovators in the space can continue to produce products that help the market to move forward. Only time will tell how the introduction of good legislation can help to make the cannabis industry be where it should in the near future.