Cannabis and the global economy. Impact and perspectives


As the medicinal benefits of cannabis have been proven, and as millennials and the generations that follow have become the primary voters and consumers of capitalism, the closed-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 of over 90 billion dollars by 2027.

This could have a visible economic impact in multiple sectors. First and foremost: job creation. The legalization of cannabis has led to the creation of numerous jobs, 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

In addition, the commercialization of cannabis has 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 that time.

Tourism

Cannabis has also spurred the growth of the tourism industry in some regions. Many tourists visit places where cannabis use is legal, and this has led to an increase in demand for accommodation, restaurants, transportation and cannabis-related activities.

One of the examples of cities that receive a lot of cannabis-related tourism is Amsterdam, in the Netherlands, which is a destination famous for its coffeeshops 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 and, in addition to its other tourist attractions, has weed clubs and cannabis associations (asos) where it is possible to consume and purchase products legally.

International trade

Of course, to enjoy the economic benefits that this new industry brings, there will also be challenges. One of the main issues that governments must address is regulation and security. In order to export and import cannabis, robust frameworks agreed by several countries must be put in place, perhaps creating a global regulatory body to ensure the quality of cannabis and that the labeling is true to the contents of the packaging. This may require significant investment in infrastructure and quality control systems, but these are logical investments in view of the business potential offered by the plant.

The future of the market

In terms of future prospects, cannabis looks set to play an increasingly important role in the global economy. As more countries and states legalize cannabis, the market is expected to continue to grow. And above all, scientific research into the medicinal benefits of cannabis is receiving more and more budget each year, and this may lead to new discoveries or the creation of new drugs and profits on the side of the pharmaceutical industry.

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