In November 2016, Californians agreed to pass Proposition 64 making it legal to cultivate, produce, sell and manufacture cannabis products for medical use. Since then, many things have taken place in the industry, and more changes are even expected to take place. For the first time in decades of war against the use or possession of the drug, the state has allowed researchers to carry out more research to find out what the drug can do in the field of medicine. Besides that, the state is also licensing doctors and clinics to prescribe it to patients. With all these happenings, we can say that, indeed, cannabis is no longer in the group of those other drugs that only thrive in the black market.
As many parties and players in the industry continue to welcome the use of the drug for medical and recreational reasons, there’s also a move to clear the controversy between the state and the federal laws regarding the use of this drug. Though we are not sure about the time when these laws will be okay, we can say that in a year’s time, cannabis industry will entirely be a new thing altogether. Even entrepreneurs who have for a long time not had an interest in the market are beginning to carry out tests in preparation for a full venture into the industry. However, many are not yet ready since a lot of things remain unclear such as how new entrants will find a place in the industry and kick off operations.
Other industries such as the luxury industry are also expected to capitalize on the legalization of cannabis. Very soon we’ll start seeing marijuana leaf in apparel designs. That aside, some expensive accessories, pipes, and even vaporizers are also currently being redesigned to come up with new forms that will attract users of marijuana. All these are activities we would not have imagined if the state did not welcome the move to have medical cannabis approved for use. That’s why for many people, the legalization of the drug opened a new era of a series of improvements not only for cannabis products but also in other industries where the drug can play a role.
While a lot of innovation is taking place in the cannabis industry, the state is also projecting an increase in revenue collection. Funds collected will help support other projects by the state. Furthermore, the legalization of the drug will help reduce cases reported every year involving the illegal handling of the drug. In fact, the state loses a lot of money every year because of such cases that usually see many people end up in jail or get high penalties. With the permission to handle the drug for medical purposes, such cases will no doubt reduce to a minimum level. It, therefore, means that in about two years from now, marijuana will be a totally different drug from what we’ve always known. Remember that for a long time it’s been associated with crimes and contribution to the boom in the black market. With the new laws, all these will soon be stories of the past.
Just as like other products such as cigarettes have had designer makeovers, we are likely to see new cases of cannabis fashion brands if already they are not there in the market. Every time a product gets a new face, everything changes right from packaging, mode of sales and pricing. This is what we should also expect for cannabis once things are okay under the new law. In fact, there are already lots of changes in the industry. Medical cannabis clinics and doctors are getting more and more customers placing orders while others are requesting for licenses to start using medical cannabis. All these are changes and developments attributable to the passing of Proposition 64 last year. Besides that, people nowadays have the freedom to talk and discuss issues related to marijuana. In the past, that was never the case because any dealing with the drug had been decriminalized.
In terms of volume of sales, it’s expected that marijuana dispensaries will make more sales from now henceforth. Even as we wait for the industry to take off, there are already some strains of cannabis doing well. With all these happenings and the expectation that more states will legalize the drug, it’s estimated that by 2020, the U.S. will getting $22billion in annual revenue. A high percentage of these projected revenues will largely be from the recreational sales. Indeed, we can say that the move to pass the Proposition late last year will open more opportunities not only in the cannabis industry but also in other areas. Soon, marijuana will entirely be a new thing. We, however, have to still wait a little bit for full legislation and opening up of the new marijuana industry.