Over the last 10 years, cannabis has become a household word. Legalized for medicinal use in 37 states, and for recreational use in another 19, its acceptance as a substance with proven curative properties and enjoyable after-effects, has electrified the sales of this plant. A new report by experts at Leafy found that in 2019 alone, the cannabis market was valued at $13.6 billion; today, barely 3 years later, they estimate the legal market to be worth as much as $38.5 billion. Another report from Grandview research established that the “legal marijuana market size will continue to expand at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030. The growing demand for legal marijuana has been a primary factor in the growth of the market. Recently, a large number of countries have legalized the use of Cannabis.net for treating various ailments. A number of studies carried out show that medical marijuana and its derivatives can be used to treat symptoms of various diseases, for e.g., it has been successfully used to treat patients with chronic pain, chemotherapy-induced nausea, Parkinson’s, Alzheimer’s, and other neurological diseases. The FDA and other such associations have now started accepting the marijuana derivatives for the prescription of diseases in which it has proven to be useful. This is another factor for the quick turnaround of its legal status in a lot of countries. North America (the U.S. and Canada) has gone a step further and has sanctioned the use of recreational marijuana as well and more than two-thirds of the U.S. states have legalized marijuana.”
In particular, 35 states have legalized cannabis for medical use and 16 enable adults to utilize the substance recreationally. According to Investopedia, the number of sanctioning states will most likely continue to rise given the current stigmatization around pot. In fact Investopedia shares that according to a Pew Research survey, 67% of Americans believe the use of marijuana should be legalized. This is double what it was in 2000—31%—and five times what it was in 1969—12%.3 A New York University study revealed the percentage of adults aged 50 to 64 reporting marijuana use has doubled in the past decade to 9% and use among adults 65 and older has increased seven times during the same period to nearly 3%. The U.S. marijuana industry will generate $85 billion in sales in 2030, according to Cowen analyst Vivien Azer.
The pandemic has also played a major role in affecting the current marijuana market. COVID severely affected the logistics network for cannabis and its derivatives and due to the ongoing restrictions, the government authorized dispensaries are also facing shortages owing to disruption in the supply chain network. Import and export of nearly all commodities essential or not have been affected as well. However, with the governments endorsing legalization, the demand has risen and is likely to be high in the next few years. Patients are opting for marijuana derivatives instead of the prescription medicines previously being used.
With the government policies changing, the demand for medical marijuana is also rising. A lot of countries that have legalized the use of medical marijuana are also paving the way for its cultivation to cut on the imports and gain revenue in the form of taxes. This, in turn, has generated jobs in the industry and a lot more companies are dabbling in this territory. Several startups in the U.S. and Europe are now focusing on alternate uses of cannabis, other than recreational and medicinal. With so much happening in and around the cannabis industries, the countries are paving way for more liberal policies regarding its cultivation and usage in the medical field as well as industrial use.
While legalization has barely affected the price of marijuana, it certainly has created jobs, and lots of them. In addition, legalization has revitalized state budgets. Tax revenue from legal recreational marijuana has surpassed all expectations. For instance, California reports collecting $50 million per month, with Colorado a distant second at $20 million per month,
The public’s broad acceptance of Cannabis has led to a surge in public interest regarding all aspects of the cannabis industry, including the plant and its derivative uses. CBD, the non-psychoactive product derived from the marijuana, is among the top three health-related Internet searches, right up there with diet and yoga.
Against this very optimistic backdrop for the cannabis ecosystem, the website has become an easy-to-find, one-stop resource for all things Cannabis related. Whether one is a veteran cannabis user, or a rookie, Cannibis.net can provide the needed information. The site guides one through the hundreds of cannabis strains explaining their specifics in the form of videos and written pieces; it also serves as a guide to numerous cannabis-related events, as well as helping to locate dispensaries, and pertinent doctors. Information about online purchases of CBD and hemp products, including various cannabis-related paraphernalia, can all be found on the website.
The site is unique in the sense that it is the only one of the four existing cannabis websites to identify as an exact match domain. In 2016, Curt Dalton, the owner, bought the domain name at auction. An experienced computer scientist and a visionary start-up entrepreneur, he understood the potential of an exact match domain to generate traffic and key SEO markers in step with the booming cannabis market. This move has turned out to be farsighted and extremely profitable..
For those accustomed to relying on Leafy or Weedmaps for cannabis-related content, there a options that may offer a better user experience The website’s blog and news section covers the entire cannabis universe: from walking one through the hundreds of cannabis strains to explaining their specifics in the form of videos and written pieces.
There’s a good chance that someday cannabis will be legalized nationwide. When this occurs, the cannabis industry and the commerce swirling around it will continue to grow.