As the medicinal benefits of cannabis have been proven true and millennials and the generations that follow have become the main voters and consumers of capitalism, closed-mindedness and prejudices about marijuana have been fading away.
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 above $90 billion by 2027.
This could have a visible economic impact on multiple sectors. First and foremost, job creation. The legalization of cannabis has generated numerous job opportunities, from cultivators and distributors to employees in cannabis stores and related companies. These jobs have not only benefited local economies but also provided a source of income for many individuals.
The commercialization of cannabis has also generated significant tax revenues for governments. Taxes on the sale and production of cannabis have provided states and countries with a new source of income. For example, in Colorado, United States, where recreational marijuana was legalized in 2014, taxes generated by the cannabis industry have already surpassed $1 billion since then.
Cannabis has also stimulated the growth of the tourism industry in some regions. Many tourists visit places where its consumption is legal, leading to increased demand for accommodation, restaurants, transportation, and cannabis-related activities.
One 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 consumption. In addition to its other tourist attractions, Barcelona has weed clubs and cannabis dispensaries (called asos) where people can legally consume and purchase cannabis products.
Of course, to enjoy the economic benefits that this new industry brings, there will also be challenges. One of the main obstacles that governments must face is regulation and security. In order to engage in cannabis exports and imports, solid frameworks agreed upon by multiple countries must be established, perhaps creating a global regulatory body to ensure the quality of cannabis and accurate labeling on packaging. This may require significant investment in infrastructure and quality control systems, but these are logical spendings considering the business potential the plant offers.
The Future of the Market
As for future prospects, cannabis seems to be playing an increasingly important role in the global economy. As more countries and states legalize cannabis, it is expected that the market will continue to grow. On top of that, scientific research on the medicinal benefits of cannabis receives increasing funding each year, which can lead to new discoveries or the creation of new medications and profits for the pharmaceutical industry.