By 2030, the cannabis industry in the USA may grow to outsell the soft drinks industry. This is down to the astronomical growth the industry is experiencing in the wake of wide legalisation, combined with the cultural shift away from the consumption of sugary soft drinks.
On top of this, the cannabis industry is currently the fastest growing job sector in the USA; employing thousands of people. The tax revenue from cannabis-related businesses is delivering a huge boost to states economies, too.
This growth is so striking that longtime proponents of cannabis prohibition are suddenly changing tack and lobbying for even wider spread legalisation. John Boehner, a former Republican party House Speaker and a historically vociferous critic of cannabis, is now on the board of advisors for Acreage Holdings, a cannabis cultivation company. The Republican party is the business party, and reversing their opinion on cannabis is no small feat, which is a testament to the sheer profitability of this burgeoning industry.
The weed-driven boom in the US isn’t going unnoticed overseas, the attitude to cannabis around the world is beginning to change. Canada, in particular, has decided to hop on the bandwagon and will be legalising cannabis for medicinal and recreational use by the end of the summer.
The Diversification of Cannabis
Of course, the cannabis market isn’t built purely on cannabis in its plant form. A huge range of different weed-derived products are being pioneered. From edibles to shampoo, and even skin care; no niche has been left unexplored by canny entrepreneurs.
Keith Villa, the man behind Blue Moon beer has recently announced a new THC-infused brew that offers the well-known buzz of cannabis but in a tasty craft beer. These innovations are a great indicator of a growing industry that has a lot to offer any enterprising business brave enough to take the initiative.
Big Profits Mean Big Names
As with any big industry, the cannabis scene has no shortage of celebrity names. There are the obvious figures like Snoop Dogg, but there are some other names that are somewhat more surprising. Gene Simmons, a consummate businessman, and occasional bassist has abandoned his longstanding anti-drugs stance in order to become a member of the board and spokesperson of a cannabis company.
Whoopi Goldberg has launched a line of female orientated cannabis products. Her Whoopi & Maya line contains a range of cannabis-infused rubs and tinctures, with a particular focus on treating menstrual pain.
The Future of Cannabis
Cannabis is now legal in 29 US states, and it is only a matter of time before the Federal Government is forced to drop its prohibition on it. After this summer, Canada will become a beacon of innovation in the cannabis industry, and no doubt, many other countries in the Western world will soon follow suit. Any Wiley investor would do well to keep an eye on the cannabis market.