Marijuana, one of the most used and appreciated plants on the planet, has traveled a road rockier than the soil it grows in. It went from a useful medical plant pre-1930 in the US, to a demon drug responsible for countless incarcerations, to maybe it’s not so bad, to useful plant for physical and mental wellness yet again.
Somehow, it’s still a federally illegal substance in the US in 2021. It’s currently legal in 36 states in some form or fashion. In 16, it’s legal recreationally. As the perception of marijuana continues to change, we look at how far it’s come and where the industry may be going.
For the People By the People
The numbers don’t lie. A massive shift has taken place over less than the span of a generation. 67% of Americans now think the US should completely legalize marijuana. This number has more than doubled over the past 20 years when only 12% said the same—or felt safe admitting it. And usage knows no age limits. The number of adults 50-64 who say they use marijuana regularly has doubled in just 10 years. Growth among older adults has skyrocketed.
There’s also no hard line when it comes to political parties. 55% of Republicans, 80% of Democrats, and 78% of Independents agree weed should be legal. So it’s no surprise that many states have revised their laws to legalize usage. Marijuana can already claim mainstream status in several communities like Fort Collins, where you can find a Fort Collins dispensary with relative ease. But cannabis may soon be on its way to nationwide acceptance–with the typical regional holdouts. That’s no surprise considering dry counties are still a thing in many parts of the US in 2021.
On Track to Become Another Massive US Industry
According to market analyst Vivien Azer from Market Research Firm Cowen, the sales of marijuana could easily become an $80 billion industry in the US within 10 years. Marijuana raised $116.8 billion from investors last year in anticipation of further loosening of US restrictions. At this time, banks continue to show hesitancy regarding anything having to do with anything cannabis, including THC’s currently much less villainized cousin, CBD.
Banks do, however, appear to want in on the action. As the industry grows despite federal restrictions, organizations like the American Bankers’ Association are begging the US and state governments for transparency and guidance regarding how banks may or may not facilitate cannabis-related transactions. So they may seem fearful now. They have a lot to lose and understandably want to be cautious with marijuana’s questionable national status. But given the money to be made, we will likely very quickly see most banks jumping into the industry as soon as they believe they have the all-clear to do so.
The “Gateway” Drug
The 2016 US Farm Bill took hemp cannabis off the restricted Schedule I drug list. As it did, a door opened for the soon to emerge CBD industry. This quickly changed the perception of cannabis as just a “hard drug” in parts of the country that weren’t Colorado, California, or Washington. The scientifically confirmed health benefits of CBD, and other cannabinoids (including THC), in many ways, forced hard-line naysayers to take a closer look at their own prejudices against cannabis. With its strict science-based guidelines, even the FDA has now acknowledged the health benefits of cannabis and has begun approving medications with this natural ingredient.
While marijuana can certainly stand on its own health support merits, CBD served to weaken the holdout and become a gateway to a more logical, less biased discussion about whether marijuana should be legal federally.
A New Era for Cannabis
As the marijuana industry goes nationwide, we’ll certainly see more universal regulations rather than piecemeal guidance. And some anticipate that big companies across industries may feel enticed to enter the cannabis industry once they see a green light. This may change what the industry looks like in 10, 15, 25 years.
But in line with the increasing popularity of locally-brewed craft beers, others anticipate that there will continue to be a place for small Mom & Pop type dispensaries, growers, manufacturers, and deliveries. Yes, after 2020 and the growing grocery and food delivery industry, you know weed delivery companies will become “a thing”.
Marijuana Perception Changing
It appears the sky’s the limit for marijuana now that it can grow in the daylight rather than under grow lights in someone’s closet. Exactly, what will the industry look like in 10 years? That’s hard to say. But we can expect a rollercoaster of a ride.