The cannabis market in the U.S. thus far has seen a large amount of ups and downs as individual markets begin to find their place in the broad cannabis industry. Much of the trouble thus far has come from issues with legalization around the nation, but with positive remarks coming from many high up officials in the government, this sentiment could be changing over the course of the next few months to years.
Although it may seem bleak for the cannabis industry in the U.S. at times, the current market on cannabis is more developed than it has ever been before. There is a large amount of organic growth that is taking place to build the industry based on the positive public sentiment on cannabis and a need for reform on the current legislation in the industry. With a large and increasing bout of sales of the substance, many states in the U.S. are working on putting new framework in place to allow the sales of legal cannabis. The legalization of this industry could potentially mean billions in the form of tax revenue for the states as well as a large amount of individual revenue for the growers and those participating in the industry as a whole.
The U.S cannabis industry has been in a state of limbo for some time now as lawmakers work to make new legislation in the favor of the people. New polls have shown that as much as 60% or more of the U.S. is in favor of legalization which means that the national laws need to begin reflecting that. The state of legalization in the country has also made it extremely difficult for business in the industry to operate the way that any other business would. This has meant that companies in the space have been unable to get loans or even have bank accounts due to the federal law that prohibits them from even operating in the first place. As stated prior, one new poll has shown that those in favor of legalizing weed has gone up from 25% approval in 1995 to over 65% as of last year, and this number is continuing to change in favor of cannabis.
Up until the past few months, lawmakers have continued to share a similar sentiment regarding cannabis. This has been changing though as President Trump has potentially hinted at a support for new legalization around the nation. Trump recently stated while in an address at the G-7 summit in Canada, that he may be willing to support the legalization of the industry, at least on a statewide level. The President was asked about a new bill from Senators Cory Gardner and Elizabeth Warren regarding cannabis. He stated that “I support Sen. Gardner. I know exactly what he’s doing; we’re looking at it. But I probably will end up supporting that, yes.” This is the most positive sentiment from the highest official that has been received up until this point, and it seems as though things will continue to go in the industry’s favor.
The cannabis market in the U.S. and Canada still seems to be very much in its infant stages which means that there is a large amount of room to grow. As we move toward the future of legislation in North America for the whole of the industry, it will be interesting to see how lawmakers can help those who want to see weed be legalized in the U.S. and beyond. Only time will tell how well these efforts can continue to go.