Here on our blog, we have often covered the implications of legalised cannabis in Latin America, from how nations in the region are presenting themselves as pioneers within the industry and setting a global precedent. However, a market that we have not shared with you all until now is the United States, and so today’s post becomes even more exciting.
You’re probably wondering why the US has such an interesting market, and the answer is its dynamism. Much in the same way as our lives have been over the last year, the cannabis industry is subject to constant change and development, which can make new updates hard to keep track of, but don’t worry, we have that covered for you.
If we transport ourselves back to 2020 for a second, we can get a good look at an overview of what happened in the US in terms of legalised cannabis during the high point of the pandemic. So, with this, arguably the best way to demonstrate progress is with the numbers, and in the last year alone sales of legalised cannabis products were boosted 68%, where sales amounted to US$17.5 billion, which I think we can all agree is an impressive figure for a time where economic activity was greatly held back. But the past is the past and the reason you are here is to see where the market is heading, and perhaps even where you can get involved, and with this in mind, by next year (2022) it is estimated that these sales will be up around the US$22 billion figure, up US$4.5 billion in only two years.
One fact we all have to remember is that the rules for me in one state and you in another are not the same, and this is why the market is so dynamic. It means that legislation is always being adapted and introduced, and so your opportunities for investment are always expanding. In terms of medicinal cannabis and CBD products, legislation is pretty common for legal use, though recreationally legal cannabis is not so widely embraced and so this is the main area to look out for.
Having said this, the stereotypes of cannabis that we were all taught and warned about do not hold the same grip on society as they did before. Rather, we are all aware of the benefits associated with certain forms of legal cannabis, and as these changing perceptions make their way to the top of large institutions, we move closer to the possibility of reaching the US$42 billion sales figure estimated for 2027, by which time you are hopefully seeing the returns on your investment.
So, if you are interested in finding out more, get in touch with us today! At Creimerman, we are a team of global citizens, working with each client and providing a tailor-made service in order to help make their cross-border ventures a success, and we would love you to be the next.