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marijuana business
marijuana business
The Global Cannabis Industry – How Is It Growing So Fast?
Sometimes it almost seems that the global cannabis industry just popped out of thin air. In reality, it’s been sitting under the radar for quite a while, just ready to bubble over. More and more countries are legalizing medicinal and recreational use of cannabis, and when that happens, the economy quickly adapts to it.
Contents
Marijuana Industry
The cannabis industry throughout the world is growing at a rapid rate for things like:
People don’t hesitate to pour money into cannabis products, and the industry is still in its beginnings. There are tons of opportunities for people to still find investment options in the industry. The marijuana industry has a close relation to the health and wellness industry. Hemp also has a wide variety of uses that people use it for. Some things that hemp can be used to make are:
Throughout the western areas of the globe, the laws surrounding hemp and marijuana are relaxing more and more by the year. To make dashboards for vehicles, Ford uses plastic made from hemp.
Cannabis Industry Legalities in Different Countries
The legalities surrounding the cannabis industry seemed to be the primary roadblock preventing its exponential growth. If you’re not legally allowed to sell cannabis products in certain countries, then it’s no wonder why the industry won’t grow.
The States
In the States, the 2018 Farm Bill made it legal to have hemp as long as it is under 0.3% in THC content, but there are states where all types of cannabis are illegal. And then there are states where you can buy weed and edibles, using cannabis both recreationally and medicinally for whatever you want.
The legalization of marijuana throughout the states has become more lenient from state to state at a rapid rate. A Gallup poll in November of 2020 showed that almost 70% of the participants wanted cannabis to be fully legalized. Public support for marijuana is also growing throughout the United States.
Canadian Cannabis Industry
Cannabis is now legal throughout Canada for both recreational and medicinal use. People over the legal age are permitted to contain up to 30 grams of cannabis in public. In many provinces, people can also grow their own cannabis plants, but the limit is four.
Uruguay
It’s interesting to take a look at some of the other provinces to see what stage they are at in terms of legalization. Uruguay was known to be the first country to completely legalize marijuana. Ever since that point and going forward, there have been more and more rules surrounding it in order to keep people more informed on the legal use of cannabis.
One such example was in 2014 when there were cannabis growers’ clubs popping up where people could register and grow nearly 100 plants per year. That number is much higher in comparison to the max allowable amount of six in your home.
Mexico
Over in Mexico, cannabis has been decriminalized for medicinal and recreational use. There have been lawmakers that are in the process of introducing bills that are attempting to completely legalize cannabis for recreational use, but it hasn’t passed through the Senate yet. If the bill does end up passing through the Senate, it’s highly assumed that Mexico will be the biggest marijuana industry in the entire world.
Europe
Each specific country throughout Europe contains its own set of laws surrounding cannabis. There are some countries that take a more lenient approach to it and others that are still fairly strict on it. Hungary is one country that has decided to go with a more liberal approach.
France
France is known to have strict laws surrounding cannabis and other drugs. They treat every drug under the same legal scope. To date, cannabis is still fully illegal in France even though there are certain medicines that are derived from cannabis that are permitted. These medicines have to be prescribed, and it’s said that a prescription like this isn’t one that is common to see.
Even though France has some fairly strict rules regarding cannabis, the legislation does appear to be taking things in a positive light. A survey that was done by the French government found that about 85% of the participants wanted cannabis to be legalized for medicinal use.
United Kingdom
With the United Kingdom, the rules are in the middle of France and the rest of Europe. It’s not legal to have any product that has a THC level of higher than 0.2%, although hemp is legal. The strict rules have been making CBD products more and more common, and more people are using them as a supplement. A survey that was conducted in the UK discovered that almost 54% of participants thought that cannabis should be legalized or at least decriminalized. Nearly 68% of people that took the survey thought that there should be a review conducted surrounding the drug policy in the UK.
Spain
There isn’t a ton of legislation surrounding cannabis use in Spain. You can personally use cannabis, but the information on the decriminalization of it isn’t described in much detail. There have been cannabis clubs popping up all over the place, and this has prompted the Spanish government to step in.
Portugal
Throughout Portugal, every drug has been decriminalized for personal use. It doesn’t matter if you’re carrying around weed or methamphetamine. You won’t deal with the legalities like you would in the U.S. Despite the decriminalization of drugs, the distribution of the drugs is still controlled.
The Netherlands
If you’ve ever been to the Netherlands before, you’ve probably noticed marijuana coffee shops. It might surprise you that growing your own marijuana isn’t legal in the Netherlands.
Growth Of The Cannabis Industry
The cannabis industry in 2020 had a market valuation of 9.2 billion dollars. This number is only forecasted to grow more and more as the years go on. By 2026, some forecasts say that the industry could be worth almost 100 billion dollars.
The recreational cannabis industry has been the main revenue booster since 2018, but medicinal cannabis has also contributed a fair amount. Cannabis use for medicinal purposes is more common than recreational use.
Investing
Investing in the cannabis industry couldn’t be done at a better time. Europe and the UK are bringing in a large amount of capital that is related to cannabis, and investing in this industry is very similar to any other type of industry that you would consider investing in. As long as a company is listed on the stock market, you should be able to invest in it.
Finding A Job In The Cannabis Industry
Finding a job in the cannabis industry depends on what area you’re located in. There is nothing preventing you from getting a job in a country where it is legal.
There hasn’t been a better time to find a cannabis-related job like:
The growth of the industry isn’t slowing down and it requires people that have many different skill sets. Some cannabis jobs don’t require much experience, while some do require you to have a broad range of skills in order to excel in the position.
Expert opinion
Dr. Jessica McKenna
A licensed naturopathic doctor, Emily combines her knowledge of natural medicine with a passion for cannabis. Thanks to a background in herbalism and integrative health, she has helped many patients with conditions like chronic pain, anxiety, and insomnia using cannabis over 6 years of practice.
These days the opportunities are quite vast in the cannabis industry, be it in investment or employment. Regulations are constantly shifting and more countries open up to legalization, so the industry will likely experience even greater economic impact, pushing forward innovations and reshaping consumer markets. With cannabis industry still in its early stages, especially in some countries, there’s a lot of potential on the horizon for investors and professionals to join in.
Is Cannabis Legal in Canada?
Cannabis was fully legalized for recreational use in Canada on October 17, 2018, under the Cannabis Act. However, regulations vary by province, and the illicit market still poses challenges to legal sales.
What Are Some Entry-Level Jobs in Cannabis Industry?
The cannabis industry provides many entry-level opportunities across various functions such as retail, cultivation, processing, and marketing. While many of these roles do not require specialized education or extensive experience, candidates should possess relevant skills such as customer service abilities, attention to detail, and a willingness to learn about cannabis products and processes. Many choose being budtenders or trimmers as their first jobs in the industry.
Do I Need Special Education for Working in the Cannabis Industry?
Most entry-level positions don't require formal education besides a high school diploma. Some positions call for special training or experience in related fields like horticulture or marketing.
What Are the Main Challenges Faced By New Cannabis Businesses?
The Cannabis Act and various provincial regulations impose strict requirements for licensing, product testing, and packaging. Obtaining and maintaining these licenses can be a lengthy and costly process. Cannabis businesses in Canada also face tax challenges, including high excise taxes and regulatory fees that squeeze profit margins.