It’s an interesting time for those in the cannabis business in the United States. After the 2018 Farm Bill was passed, cannabis products derived from hemp like CBD became legal for sale, which has created a booming industry. While marijuana and other products containing THC remain illegal federally, many states have legalized the sale of recreational or medical marijuana.
This patchwork of legal restrictions can be complex to deal with for business owners, though the industry continues to bring in record profits. Remember that any meaningful expansion of the cannabis business relies on being able to operate legally. With that in mind, read on to learn more about what the future may hold for the cannabis industry.
What is the legal status of cannabis in the United States?
One of the most important factors in determining the future of the cannabis industry is the legal status of cannabis products. As of right now, the legal restrictions regarding cannabis often depend on which state you reside in. While the sale and possession of CBD products derived from hemp is legal throughout the U.S. since the passage of the 2018 Farm Bill, products derived from marijuana are still illegal on a federal level.
In states where marijuana is legal, there is usually a distinction made between recreational use and medical use. Even in some states where both types of usage are permitted, there can be differences in the amount of marijuana each person is allowed to purchase and possess. In Illinois, for example, medical users are allowed to purchase 2.5 ounces every 14 days, while recreational users are limited to possessing 30 grams of flower, 500 MG of infused products like edibles, and 5 grams of concentrates.
What does the future look like for the cannabis industry?
While the industry is still new, it has already proven to be incredibly profitable. The CBD market alone is projected to be worth $20 billion by 2024. The easier cannabis products are to access, the more that will be sold. That’s why pushing for marijuana legalization is such an important part of any plan to grow the industry.
As more states begin to legalize marijuana use, the industry will continue to grow. Staying abreast of these developments in the legal arena and understanding the shifts and trends within the industry is essential for any activist or entrepreneur. You can keep up with news and events in the cannabis world using trusted websites like American Marijuana. Given the amount of misinformation in the online space, especially surrounding marijuana, it’s worth making sure you’re using reliable sources.
If medical research determines that there are additional specific health benefits to CBD usage, that would shake up the industry significantly. Many people are interested in all-natural solutions for common problems like headaches, chronic pain, and tinnitus. Until then, there are a number of other solutions available. One currently available option for tinnitus suffers that doesn’t use cannabidiol is Phytage Labs Tinnitus 911, which contains Vitamin C, Vitamin B6, Vitamin B12, niacin, hibiscus flower, olive leaf, hawthorn berry, buchu leaves, juniper berry, and green tea. By visiting this site you can know the best cannabis uk.
There’s no denying that the market for cannabis in the United States is substantial and growing even larger every day. 36 states have already legalized marijuana for medical purposes in the United States, with more considering ballot measures for the near future. CBD has already become legal for sale nationwide, due to the passage of the 2018 Farm Bill, and the business has already proven to be incredibly profitable. If additional proven medical applications emerge, the cannabis market is likely to benefit significantly as well. As long as the legal landscape is favorable for the sale of cannabis products, the industry seems likely to continue its exponential growth for the foreseeable future.