The marijuana industry has changed so much in the past year that it can sometimes be unrecognizable for the early adopters. Despite this, these changes have all been good, and have helped the market to come to where it is today. In the present day, marijuana is almost a $10.4 billion industry. Currently, estimates show that there are almost 250,000 jobs in the U.S. based out of the marijuana industry. With eleven states legalizing the substance for recreational use and 33 in total having some sort of legislation, the future of marijuana remains bright.
A new research study shows that as many as 62% of Americans believe cannabis should be legalized. Compared to the 31% that the number stood at in 2000, the adoption of cannabis has remained very high. According to some studies, in the U.S. alone tax revenue from cannabis will reach almost $20 billion in the next ten years. This means that there is a large amount of untapped potential.
What Sub-sectors of Marijuana Are There to Watch
One of the most popular aspects of the cannabis market has been that of CBD. CBD or cannabidiol is one of the most prominent substances of the modern day. Many claims surround showing that CBD could be used as a treatment for various illnesses. This includes everything from depression to seizures and more.
CBD has been a huge part of the health and wellness side of the cannabis market. The compound is one of the more notable substances residing within both cannabis and hemp. This makes it extremely important considering any future legislation that could go in place.
With the passing of the Farm Bill, which effectively legalized hemp within the U.S., the CBD market was able to boom. Since that time, many substances made from hemp and cannabidiol have been able to be pushed through the bureaucratic system. The Farm Bill has completely shifted the way in which people interact with the world of cannabis. If anything, it has helped to bring marijuana and hemp to the mainstream.
A Cannabis Stock to Watch for the Future of the Market
GW Pharmaceuticals (NASDAQ:GWPH) is a company that has heavy ties in the world of CBD and CBD products. This marijuana stock company has been working to produce a large amount of pharmaceuticals that can be used for treating patients with seizures and other illnesses. With some of their drugs receiving the first approvals in the U.S. for marijuana-based medicine, they have continued to stay ahead of the game. While their business is dependent on legislation which can make it a more volatile company, they definitely remain a key marijuana stock to watch.
All in all, the world of cannabis is ever-changing. As we continue to move toward the future of the market, things should become easier to push toward for the coming years. The hopes are high that as cannabis becomes more mainstream, the industry will be able to thrive even further.