As the medicinal benefits of cannabis have been demonstrated and millennials and subsequent generations have become the primary voters and consumers of capitalism, the narrow-mindedness and prejudices about marijuana have faded.
Economic impact
More and more countries are legalizing the use of marijuana and, as a result, the cannabis market has experienced explosive growth in recent years. Various market analyses indicate that it will reach a value in excess of $90 billion by 2027.
This could have a visible economic impact in multiple sectors. First and foremost, job creation. The legalization of cannabis has generated numerous job opportunities, from growers and distributors to employees in cannabis stores and related businesses. These jobs have not only benefited local economies, but have also provided a source of income for many people.
Tax benefits
The commercialization of cannabis has also generated significant tax revenues for governments. Taxes on cannabis sales and production have provided states and countries with a new source of revenue. For example, in Colorado, USA, where recreational marijuana was legalized in 2014, taxes generated by the cannabis industry have already exceeded $1 billion since then.
Tourism
Cannabis has also stimulated the growth of the tourism industry in some regions. Many tourists visit places where cannabis use is legal, leading to increased demand for accommodation, restaurants, transportation and cannabis-related activities.
An example of a city that attracts a significant amount of cannabis-related tourism is Amsterdam in the Netherlands, which is famous for its coffee shops where people can buy and consume marijuana.
Another city that has seen an increase in this type of tourism is Barcelona, Spain, which has decriminalized cannabis use. In addition to its other tourist attractions, Barcelona has marijuana clubs and cannabis dispensaries (called asos) where people can legally consume and purchase cannabis products.
International trade
Of course, to enjoy the economic benefits that this new industry brings, there will also be challenges. One of the main hurdles governments must face is regulation and security. In order to export and import cannabis, strong frameworks need to be established and agreed upon by several countries, perhaps by creating a global regulatory body to ensure the quality of cannabis and accurate labeling of packaging. This may require significant investment in infrastructure and quality control systems, but these are logical expenses considering the commercial potential offered by the plant.
The future of the market
As for future prospects, cannabis appears to be playing an increasingly important role in the global economy. As more countries and states legalize cannabis, the market is expected to continue to grow. In addition, scientific research into the medicinal benefits of cannabis is receiving more and more funding each year, which may lead to new discoveries or the creation of new drugs and profits for the pharmaceutical industry.
