Author: Arun Apte
Journal: Analytical Cannabis, April 05, 2023
Abstract: The legalization of cannabis in various US states has led to the rapid growth of the cannabis industry, which is projected to skyrocket to a whopping $82.3 billion by 2027. The increasing acceptance and legalization of cannabis for both medicinal and recreational use are the key drivers of the industry’s growth.
As of April 3, 2023, 38 states have legalized cannabis for medical purposes while 21 states have enacted laws allowing its recreational use. This trend is expected to continue as more states recognize the potential benefits of legalizing cannabis, including increased tax revenue and job creation. The increasing demand for cannabis products such as edibles, oils, and tinctures is also fueling the growth of this industry.
The legalization of cannabis has spurred new research and development, resulting in exciting new products and innovations. This has created a multitude of new opportunities for entrepreneurs and investors alike. As a result, we’re seeing the emergence of numerous cannabis-related businesses, including those involved in the cultivation, processing, testing, and distribution of cannabis products, as well as those providing legal, financial, and consulting services.