Understanding the Potential in the Legal Cannabis Industry

A lot of doors were opened by the cannabis industry once it was legalized in some states. Beyond what people imagined, these opportunities didn’t just benefit them in a single way but in lots of ways.

The legal cannabis industry has had so much potential that more and more businessmen are looking into how they can take advantage of such potential. Let’s take a look at the unique potential of the emerging industry.

New Competitive Companies

Even when marijuana was legalized, a lot of states still didn’t have enough dispensaries to cater to clients. A great thing about it is that more and more businessmen were willing to explore the industry and start their own companies.

With new competitive companies, there’s also an opportunity for these companies to create more diverse products for the customers. Gone are the days when the only way to enjoy weed was to smoke it. Now, we have edibles, tinctures, and even skincare products to suit our needs.

Such diversity is crucial to increasing the number of people who want to start using cannabis as a form of treatment. This is also a chance for the companies to create products that are less intimidating for first timers to try.

The more friendly and fun the products seem to be, the more people will be attracted to using it. And with the number of customers increasing, the sales go up which leads us to the next potential this industry has.

Boost State Revenues

Such industry can also boost the revenues of the state through dispensaries. As you might know, cannabis products are taxed quite high. But some states are looking into using the revenue they get from these products to develop significant aspects of the state.

A way to look at it would be like how Oregon paid out about $85 million worth of marijuana tax to fund schools and other departments in the state. This is a good way to benefit not just the users, but the entire state.

While New York is still thinking about pushing for recreational marijuana, they’re considering that the revenue from this industry would be able to save their railway system. This opportunity is indeed rare and might be the solution for funding problems in the state.

But only states that have legalized marijuana can actually benefit from the million-dollar revenue these states can offer.

Creation of Jobs

Unemployment has always been one of the challenges of each country, especially in the United States. But the cannabis industry has greatly contributed to the creation of new jobs in the state. The potential of the industry also increases the potential of the unemployment rate to go down in the near future.

Because the plant needs to go through a lot of processes, a lot of jobs can be created. A couple of these jobs include: director of cultivation, budtender, dispensary manager, director of extraction, and trimmer. All of these jobs have the potential to reach around $250,000 per year.

With the creation of new job, more and more people can be employed. In line with this potential, tertiary education institutions are looking for ways to help the younger generations have opportunities to join the industry in their own ways.

Though, skills need to be updated every now and then, it’s still a great opportunity for various states to have more jobs opened in the future.

Corporate Social Responsibility

Just like Bloom Farms or Yerba Buena, companies who are famous for their Cannabis Corporate Social Responsibility, the cannabis industry can greatly help out communities. The industry’s influence goes a long way, farther than just their customers.

This kind of influence can be used wisely to help out not just their patients, but those who also need it. A lot of states have been affected by several War on Drugs. A lot of the affected communities were communities of People of Color (PoC). By legalizing the cannabis industry, these vulnerable communities would not be exposed to more violence related to cannabis.

Companies in this emerging industry also have the potential to become multi-million companies that have the ability to fund different outreach programs to help vulnerable groups. Taking Bloom Farms for example. For every product they sell, they donate a meal to kids in California.

With a boost in state revenues and creation of new jobs, giving the legal cannabis industry a chance would bring more benefit than harm to the country.

Looking at it now, it hasn’t even been legalized in a quarter of the world and yet it’s already a billion dollar industry in the United States alone. If you want to know more about the industry, you can just simply visit Veriheal’s website: www.veriheal.com to know more about it.