According to a report by Grand View Research, the global legal cannabis market was valued at $17.8 billion in 2023. By the end of 2023, that value is expected to cross the $22 billion mark. Come 2030. This market is expected to reach a value of $134.4 billion. That’s a CAGR of 25.3 percent from 2023 to 2030, which is an insane growth rate.
The cannabis market continues to grow as more states legalize marijuana for recreational and medicinal use. As such, many investors are looking to get into this business.
If you have been considering becoming an investor in the marijuana industry, here are some reasons why you should enter this field.
1. Super Easy to Get into
It’s getting easier to get into the business and make money from cannabis. You can start selling recreational marijuana without any license or certification whatsoever. All you need is a business plan and some seed capital. Once you’re ready to open up a shop (or e-shop), all you need is the support of your customers, who already know what they want from your brand.
Selling cannabis for medical usage, however, will require a bit of paperwork. You need not get into it as long as you’re okay with just selling recreational marijuana.
2. Very Profitable
The cannabis industry is one of the most lucrative markets in the world. In fact, it’s growing at an incredibly rapid rate. The United States, Canada, and Europe are currently leading this trend, but other regions like Latin America and Africa are also starting to see increased demand for legal weed products as well.
According to MJBizDaily, in the United States, legal marijuana sales are likely to amount to $33 billion by the end of 2023. These numbers were made possible by the fact that the cannabis market is now open to a wider population in the country as more states legalize recreational marijuana usage. The cannabis industry, thus, can bring in huge profits.
3. Many Wholesale Distributors to Buy Accessories from
While you’ll be able to purchase bamboo rolling-trays and hemp wicks for your retail store at a low cost, you’ll have the ability to sell these accessories at a high cost. This is because there are many wholesale distributors who will sell accessories at a much lower price than the retail price. You can buy the accessories in bulk from these B2B wholesalers and then sell them in your dispensary or online shop.
Many such businesses have struck a deal with MWI Houston as their smoke shop supplier for wholesale distribution. MWI supplies smoke shops with the best smoking accessories. They bring in high-quality products according to the latest trends and have a huge selection of smoking accessories for you to choose from.
4. Growing Market
The growth isn’t limited just to North America. The European Union is set to legalize medical cannabis sometime in 2023, with recreational use likely following soon after. Canada has already legalized both medical and recreational use across its provinces. Several other regions are considering similar legislation now that they’ve seen how big this industry is.
5. Becoming Legalized in More States
As a business owner, you should be aware of the fact that cannabis is becoming legalized in more states across America. More and more states are allowing medical and recreational use of this drug.
The National Conference of State Legislatures reports that as of 2023, 21 states and the District of Columbia in the U.S. have legalized the use of marijuana for adults for recreational purposes.
Some of these states include Arizona, California, Illinois, Maine, Massachusetts, Michigan, Montana, New Mexico, New York, Oregon, Vermont, and Washington. This is a growing market, and it’s only going to get bigger as time goes on.
The cannabis market is growing fast, and the product is being legalized across the globe. It’s already becoming a mainstream consumer product at this stage and is not just seen as a drug for delinquents.
Cannabis is not just used for recreational purposes either. It has medical use as well. That means when you enter the cannabis industry, you’ll also have the opportunity to sell it as a medical product.
With so many opportunities out there, there’s no reason why you shouldn’t invest in this industry. The sooner you enter the cannabis business, the more you can explore the industry and make better profits.