The marijuana market has been shifting rapidly for some time now. Many updates to everything from legislation to the public opinion have changed the way we look at cannabis as a whole. Currently, as many as 31 states in the U.S. have legalized medical marijuana with ten states currently having legislation for medically legal cannabis.
Additionally, the U.S. currently accounts for around 85% of the legal market on marijuana which means that as more states put in new legislation, there may be a large amount of room left to grow.
One of the biggest updates to the industry in this past year has been the listing of some of the largest marijuana on companies on big U.S. exchanges such as the NYSE or the NASDAQ. Not only has this helped to bring in a large assortment of much-needed capital, but it has also helped to bring in a new sense of legitimacy into the market. This shifting of cannabis from what was once considered extremely taboo has now become a commonplace example of the shifts that can occur when legislation changes.
By far, the largest change to the industry thus far has been the new legal market for recreational cannabis that went into place on October 17th in Canada. The market has yet to reach its potential size for various reasons, but it is well on the way to reaching its goal of being one of the largest legal marijuana markets in the world.
Interestingly enough, Canada decided to not legalize all forms of recreational cannabis which means that there is still some legislation that needs to go through in order for the market to reach its full potential. Canada has yet to legalize edibles which include cannabis-infused beverages which have become one of the largest prospects in the market over the past year.
These expansion efforts are vastly underway, however, which means that Canada can continue to lead an example for the rest of the world. This example has also helped to create a domino effect throughout the market as many states in the U.S. are working to legalize the use of cannabis for recreational purposes. The hopes are that this can continue to shift into the near future.
The next big hurdle for the marijuana industry to overcome is the idea of nationwide legal cannabis in the U.S. Currently, there are many legislative bodies that are working to overcome this challenge, but it seems as though there has yet to be a unanimous decision to legalize the substance.
For now, however, many polls and reports have shown that the overwhelming majority of the country is in favor of legalizing cannabis’ use. The next few years will remain extremely instrumental in surmounting a new and definable amount of growth for the market. Only time will tell how the combination of legislative shifts and the changing public opinion can both help to create a market that is overwhelmingly positively received throughout the world.
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