The Green Wave is taking over the U.S as Cannabis is being legalized throughout the country.
This multifaceted industry is growing to become a multi-billion-dollar movement with the potential to revolutionize the world. The United Nations Estimate that $150 Billion is spent on cannabis worldwide each year. Companies like Levi’s is looking into incorporating hemp into their products while CBD is beginning to be sold in stores beside basic products like sports drinks and vitamins. The Cannabis Industry has arrived and it’s here to stay. This industry services people from many different professional and personal walks of life. By 2020 it is expected that 250,000 new jobs will be created according to New Frontier Data (Industry research firm).
In 2017 alone, the number of job postings for the cannabis industry skyrocketed, surpassing the technology and health care sectors by more than 150%. Even the newly regulated sub industry like the testing sector is expected to exceed $800 million in the next 4 years. The momentum and energy this industry is building is of seismic proportions as cannabis companies are even policing themselves to fight black market sales. The hashtag #ShopLegalShops has become an anti-black-market anthem for legally retailers who encourage cannabis consumers to take their business to the places that comply with state and federal regulations. Legal cannabis is encouraged more and more as states mandate the testing of all cannabis products before they become available for sale.
The path forward for a healthy cannabis industry is paved by the good relationships between lawmakers and cannabis companies. The next and largest step for these two parties to take is to negotiate the ability for cannabis companies to bank their money. Currently state governments are chartering banks to accept money from cannabis companies while providing limited services. In the beginning of May 2019, a bipartisan letter from 38 State attorney generals urged lawmakers to push legislation that would allow cannabis companies to bank their money. In this letter the topic of public safety rick is highlighted due to cannabis companies acting as a cash business. Other than tax issues operating as a cash business puts a target on any company’s back for theft and organized crime. “Our banking system must be flexible enough to address the needs of businesses in the various states and territories… while protecting the interests of the federal government… this includes a banking system for marijuana-related businesses that is both responsive and effective in meeting the demands of our economy”.
This letter is being widely addressed by government entities across the country. In time this industry will develop into a key element in the world economy as cannabis uses in the medical, industrial, and recreational industries become refined and new advances come to light. The Green Wave has arrived and it’s here to stay, will you catch a ride?