Since Colorado and Washington legalized recreational marijuana back in 2012, there has been a tremendous boom in both demand and supply. In fact, during the first years of legalization, the demand was so high (no pun intended) that every licensed shop in the states were sold out during the first few hours. In 2012, the tax revenue for recreational marijuana spiked to over $600 million dollars that year.
Now in 2021, the demands are still expanding at a rapid rate, with the tax revenue grossing over $1 billion per annum. Furthermore, with the rise of the new virus, demands have actually picked up speed in the last couple of years. With lockdowns and uncertainty flooding the air, many have turned to recreational marijuana.
However, regardless of the industry’s skyrocketing success, it is still relatively young. With only less than 10 years in the market, the industry is still considered to be in it’s early experimental phases. Furthermore, given the stigma and previous history of the plant as a deadly narcotic, there are new laws and moral implications that are still being established today.
Yet with these new beliefs and approaches, there are bound to be more trends that emerge as an effect from this. In fact, there are new trends that emerge almost everyday. They will continue to do so until the foreseeable future. However, there are some trends that are blazing the path to success, and you should definitely keep an eye on. Here they are.
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More Products
With the rise of the new demand, the appeal of other marijuana products will also skyrocket. Byproducts such as paraphernalia and edibles will be more in demand and ever. With paraphernalia, people will have the option to choose how they want to consume their marijuana. From being able to smoke it traditionally using beautifully designed glass hand pipes, or choose to vaporize it for a smoother and healthier hit.
Edibles such as HHC gummies and chocolates will also be widely available and highly in demand. These products allow users to enjoy a mellow long lasting effect, without the need to inhale smoke.
With more of these products in the market, users are able to fully enjoy the experience however they want.
Banking Options
Banking is an integral part of society and is implemented in every single aspect of our lives. From physical banking to virtual banking, you have access to services that allow you to store funds and keepsakes safely and securely. However, there is no such thing as banking for a marijuana business until recently.
Before the advent of marijuana banking, it was incredibly difficult for those in the marijuana distribution industry to bank in their earnings. Due to the prior legality issues of the plant, major national banks did not accept their business. However, where most larger banks were lacking, the smaller local banks pulled through to provide support.
It was difficult for a while as many of the banks did not want to participate, but these local institutions provided exemplary service to those in the marijuana distribution industry and have shown great success in their endeavors. With this, many states are working on implementing laws that allows this to happen on a national and state level. As of the benefits, or the consequences for this, we are not sure yet.
Sales Will Increase
As previously mentioned, the sales of marijuana have been incredibly high since the first time recreational use was legalized in 2012. The ever increasing demand curve for marijuana is further bolstered by the advent of the virus. With many people being forced to stay indoors and social distance, they have found solace through recreational marijuana deliveries.
The current lax laws of the state provides and encourages dispensaries to utilize ride share and delivery apps to send their goods and services to customers in a safe and secure manner.
More States Will Legalize
As Colorado and Washington legalized, Oregon followed suit. Even Uruguay legalized recreational marijuana on a national level. These places have garnered a fortune in revenue and have achieved great success. As their success is studied and analyzed by different states and countries, it will cause a domino effect. Soon, more places will start legalizing recreational marijuana.
This domino effect will have an incredibly positive impact on the economy, as there is already a huge demand for it globally. Not only will global legalization of marijuana create a new social norm for everybody, it will provide a great deal of benefits to medicine.
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