From the era when ‘joints’ of ‘weed’ had to be smoked discreetly on the streets of Jamaica, the smokers keeping a watchful eye out for the long arm of the law, marijuana has worked its way up the ladder of ‘comfort’ substances, the production and marketing of the herb blossoming into an industry that will likely grow exponentially in the years ahead. Those, at least, are the indications arising out of research done in the USA earlier this year.
Research into trends transforming the marijuana industry updated earlier this year by the digital marketing agency, Linchpin, suggests that the legalisation of marijuana in at least ten states in the USA would have pushed sales up to new levels. It is estimated that on July 4 this year – America’s Independence Day, more than US$400 million worth of cannabis was sold. Beyond that, experts are suggesting that the marijuana industry has the potential to grow to at least US$130 million a year in the near future. Not bad for a product, the popularity of which, just a few decades ago revolved around its popularisation in the music of the Jamaican reggae legend, Bob Marley.
Meanwhile, with public support for the legalisation reportedly at an all-time high, the push for legalisation is believed likely to grow stronger. Even now, activists are reportedly working to broaden the base of legalisation in states across America. Connecticut, Minnesota, New Hampshire, New Jersey, New Mexico, New York and Rhode Island, are named among the states where legalisation may not be too far away.
Dispensaries that sell marijuana to recreational users could also become legalised in some states where possession and home cultivation are already legal. Some states are reportedly either on the verge of the decriminalisation of marijuana or are enacting a comprehensive medical marijuana Bill intended to serve as a stepping stone to full legalisation.
Researchers are predicting that an increasing number of varieties of cannabis will become available while cannabis-infused beverages are likely to become more widely available and popular. It is believed that some of these beverages will be made by companies that currently play a major role in the alcohol industry. An increased variety of marijuana-laced edibles is also likely to appear on the market.
Also prominent among the predictions for the future of the marijuana industry is the view that the product will continue to attract an increasingly divergent range of customers. Linchpin’s research also points to the likelihood that marijuana will attract older customers and greater numbers of women in the future as well as a mix of recreational users in the period ahead.
Research also suggests that customers will begin to vary to a greater degree in terms of how much they spend on marijuana. On average, most people are likely to spend between US$25 and US$50 during marijuana-related visits to the pharmacy. Meanwhile the probe is predicting a higher level of awareness of the benefits of cannabis arising out of greater volumes of information being placed in the public domain as a result of increased scientific studies. Scientists are finding that cannabis and the compounds within it can have significant benefits for one’s general health, such as potentially lowering one’s cancer risk. More studies are likely to be done on this in the period ahead.
