America’s cannabis industry is projected to grow from $28 billion in 2021 to $197 billion in 2028 at a compound annual growth rate (CAGR) of 32.04%. Given the increased evidence of its medical potential coupled with how well the cannabis industry weathered the coronavirus pandemic and industry projections, plenty of investors have had their eyes on cannabis. But despite marijuana’s awesome growth potential, it is still susceptible to market factors with the ability to limit or enhance its growth.
Public sentiment is one such factor. Cannabis has been criminalized for decades in the United States, with millions of Americans being led to believe that it is just as dangerous as deadly drugs such as cocaine and heroin. Surveys now show that the majority of Americans support cannabis reform, and these attitudes have spread to other countries. Several territories have now legalized the drug, while many more are bound to as public sentiment about cannabis changes.
Competition in the cannabis market will soon be extremely fierce. With a market that’s currently estimated to be worth a whopping $60 billion and projected to see massive growth, cannabis will definitely attract plenty of interested players. By 2020, there were more than 7,000 cannabis dispensaries across the U.S. This number is expected to grow significantly as more states pass cannabis reform, and the demand for cannabis increases.
Technology and innovations have been central to the cannabis industry’s growth. Increased scientific research into the cannabis plant has revealed a multitude of potential medical benefits such as alleviating chronic pain and reducing epileptic seizures. Each new innovation, especially regarding cannabis’ medical abilities, opens up a new market and increases demand.
Innovation and technology can also be leveraged to streamline supply chain activities such as packaging, storage and transport. However, cannabis tech calls for hefty investments from entrepreneurs. This will make it especially difficult for small businesses to compete with large firms that have a large capital base and that can invest in state-of-the-art technologies and innovations.
Everyday economics focus on how economic activities connect the daily experiences of the consumers. In this case, it is important that we understand that while the cannabis industry is definitely poised to see significant growth, things will play out differently for different cannabis companies. To ensure that they succeed despite the inherent uncertainty in the industry, companies should be willing to learn, adapt and grow as the cannabis industry and its market matures.
Marijuana companies such as Cannabis Strategic Ventures Inc. (OTC: NUGS) have to find a way to balance the impact of all those factors as they plan their operations and future offerings.
NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS
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