(Newswire.net — September 12, 2019) —
What’s going on? Where’s it heading? Is there still time to invest?
In recent years, the use of marijuana has become much more mainstream. Many states have legalized the medical and recreational use of marijuana. The industry is currently worth billions of dollars.
With many other states soon to follow suit, this market will only get bigger. Is this a good time to invest in this industry. Here are 8 facts that may surprise you about the Marijuana Industry, and help you to understand it more.
Biggest New Industry
By 2022, more people will work in the Marijuana Industry that an the US Steel Industry.
According to a study carried out by BDS Analytics, by 2022, the US Cannabis industry will directly employ almost 330,000 full-time employees. This is over 60,00 more people than will be employed at the steel and iron mills in the US.
The Marijuana Industry Pays Well
The median salary for job openings in the industry is over 10% higher than the US median salary.
This may well be a function of the current lack of experienced workers – but there has never been a better time to break into this industry.
The Marijuana Industry Has a Good Record on Inclusivity
Around 36% of executive positions in the industry are held by women, compared with 15% in other sectors.
That is not to say everything is rosy. Groups like Cannaclusive have been set up to promote further diversity in the industry.
Many entrepreneurs see this diversity as a vital step in appealing to a broader audience.
The Marijuana Paraphernalia Industry is Booming
New companies have sprung up, selling anything from a custom grinder to a novelty water pipe.
Celebrities such as Cheech and Chong and Snoop Dogg are cutting lucrative endorsement deals. They are leveraging their well-known love of smoking to help sell marijuana.
Although, strictly speaking, it is still illegal, it is still easy to purchase all manner of pipes and bongs to enhance your experience.
Room to Grow
There is still room for innovation in the paraphernalia space
Companies are still looking to see how they can develop new products to sell. Gum to help combat the dry mouth associated with smoking and gadgets for converting Starbucks cups into bongs are both under development.
Most marijuana Sales are still on the black market
It has never been easier to buy marijuana legally. But still, about 80% of the estimated $50 billion market for marijuana is comprised of sales on the black market.
Huge Support for the Industry
Two in three Americans support the legalization of marijuana for recreational use.
Over the past fifty years, support for the legalization of marijuana has slowly climbed from 12% in1970 up to 66% in 2018.
Investment Opportunities
There are hundreds of publicly-traded companies to invest in
There are over 300 publicly-traded companies, ranging from those trading over the counter to companies like Cronos Group, listed on NASDAQ with a multibillion-dollar valuation.
Conclusion
The Marijuana Industry is in a fascinating state right now. Although many statues have legalized marijuana use, it is still illegal at a federal level. It is strange to think that the industry has grown to the size that has with that legal question make hanging over it.
As more states have legislated to allow marijuana use, it feels like a tipping point has been achieved. It is only a matter of time before the federal law is changed.
There is no better time to make a long term investment in this industry. Over the coming years, more state legislation will be passed. More of the billions of dollars still being spent on the black market will start to flow through more reputable channels.