2019 saw the cannabis industry at a value of $17.7 billion. The rate of growth that this industry is undergoing can only cease due to legal constraints. The sector has already achieved legal victory in several states and several segments, but there is still a long battle ahead to fully legalize marijuana.
That said, it is still easy to find a medical marijuana dispensary close to you that will provide just about anything you need. The popularity of medical marijuana is far from its peak. Here is a birds-eye-view of some key trends in the medical marijuana industry.
Until a few decades ago, marijuana was sold in the form of flowers or buds due to their high levels of THC. They were popular with those looking to get high. Medical marijuana, however, has negligible levels of THC and focus on CBD for its medicinal qualities. The products have diversified into oils, creams, candy, tea, coffee, vaporizers, candy, and capsules, to name a few. You can expect more products to debut in the markets soon.
Application and Uses
Gone are the days when marijuana was only used for a high. Researchers have found that its cannabinoids are useful in relieving pain and nausea. Its applications are becoming widespread with implications for conditions such as arthritis, side effects of chemo, Alzheimer’s disease, and even PTSD. The plant is further being researched to cure other ailments, and with each discovery, the marijuana market will only grow.
Legalization of Marijuana for Pets
Few medical marijuana dispensaries are already selling marijuana-infused dog treats. While it is not entirely legal, few patrons have suggested that it benefits in alleviate chronic pain and anxiety among dogs. Further research is required, and legalization is an obstacle, but after this, the industry will experience a growth trajectory like never before.
While recreational marijuana has been prevalent in several regions across the globe, medical marijuana is only now catching up. In the U.S., most states have legalized it to a certain extent. This trend is catching on in the rest of the world as other countries are embracing medical marijuana for the benefits it offers. The time is not far when most states in the world will legalize medical marijuana.
The people using medical marijuana were limited to mostly young and those living in the fringes. With its legalization and growing awareness, a more diverse crowd has embraced it. Now, the consumer base includes older people, people who have cancer, arthritis, Alzheimer’s disease, Parkinson’s disease, war veterans, and just about anybody. As researchers find new uses of the plant, it will soon attract a consumer base in the canine category.
More Investment And Research
There is no stopping the industry from flourishing. Also, there has been a flood of investment in the recent past. Research into the medical benefits of marijuana has received substantial investments. Investors are rushing to invest in companies that research and manufacture medical marijuana products with the expectation that the industry will grow exponentially shortly.
Medical marijuana is a niche industry that is experiencing a boom. These are a few trends in the industry that are likely to take off in the next few years. So, whenever you try to find a medical marijuana dispensary, bear in mind that it is the drug of the future.