How to Break into the Cannabis Industry in 2021
The cannabis industry is one of the fastest-growing industries the world has ever seen. Publications such as Forbes and Business Insider project the cannabis industry to gross over $200 billion by the end of 2030. These figures are tangible considering the record the state of Illinois shattered in October. Moreover, a handful of states passed pro-cannabis legislation a few months ago. Most of these states are expected to enact these legislations within the next year or two. All of these advancements in the cannabis industry has piqued the interest of consumers and entrepreneurs alike. Let’s explore the current happenings of the cannabis industry and how YOU can get directly involved in the market.
Current Climate of the cannabis Industry
As aforementioned, the cannabis industry is booming, unlike any other industry. Nationally, the industry is only projected to improve thanks to the political advancement of cannabis on a recreational and medicinal level. Our neighbors to the north in Canada have also been pioneers in the advancement of the cannabis industry. Globally, cannabis is slowly but surely becoming less taboo in a multitude of local. One example of a continent that is becoming more cannabis-friendly is South America. There are a handful of countries that have taken the initiative to decriminalize and even legalize the possession of cannabis. For more information on how cannabis is helping improve the overall quality of life, be sure to check out this recent breakdown on how cannabis is becoming more prevalent in Latin America.
The ‘Buddle’ of 2021-25
Most readers will recall the ‘Dotcom Bubble’ of the early 2000s. This was a time where an unquantifiable number of website domains were being purchased for small businesses to gain a web presence on the ‘newly’ accessible worldwide web. In the beginning, these websites were fruitful; they reaped the benefits of early algorithms and intense web traffic. In theory, the cannabis industry is expected to reach its version of an economic bubble. We here at Stickyleaf will refer to this as ‘the Buddle.’ This will be an economic bubble of the cannabis industry that will grow immensely within the next 5 years. The massive growth of the cannabis industry will bring rise to more cannabis businesses of all kinds in a slew of new and veteran cannabis markets. Factors such as (potential) decriminalization of cannabis on a federal level within the next 5 years is only likely to increase the size. However, like all bubbles: it must eventually pop. Theoretically, we could see the Buddle pop by 2025 as cannabis becomes more commonplace than it has been in the last 100 years.
Expanding into new cannabis markets
There are a multitude of markets that are becoming pro-cannabis. Some of these markets are expected to emerge within the next year or two. These states include:
- South Dakota
- New Jersey
- Arizona (recreational)
More than half of the United States has implemented some form of legislation that promotes the advancement of the cannabis industry. For more information on what to expect from the aforementioned states within the upcoming years, click here.
Types of cannabis businesses
Even if you are not an entrepreneur, there are a variety of jobs in the cannabis industry that can utilize your skillset. Similar to any other industry, there are a few different types of cannabis businesses. Some of the common forms of cannabis businesses include:
- Packaging companies
- Investment firms
- Cannabis cultivation and breeding
- Cannabis transportation and logistics
- Cannabis technology
There are so many different types of businesses in the cannabis industry that YOU can get involved in. If cannabis dispensaries are something that interests you, be sure to check out recent articles on how to open a cannabis dispensary!