Empowering Your Cannabis Career
Cannabis has crept out of the shadows and emerged as a multi-billion-dollar industry that has taken root in various sectors including healthcare, pharmaceuticals, consumer goods, and agriculture.
As the cannabis industry continues to grow, an increasing number of entrepreneurs are discovering that learning about the challenges and opportunities of the diverse and fast-growing cannabis business can be overwhelming.
As cannabis legalization movements expand into new states – and some members of Congress advocate for reform and even federal legalization – the cannabis industry seems poised to continue its breakneck growth as new markets open.
A November 2022 Pew Research study indicates the American public’s overwhelming support for cannabis legalization. The U.S. cannabis market size was valued at USD 13.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.2% from 2023 to 2030. In the United States, cannabis is often used in the cosmetic, pharmaceutical, and food & beverage industries.
There has also been a spike in sales of products like beverages, edibles, vapes and pre-rolls. This product category shift is possibly attributed to changing consumer behavior from medicinal cannabis consumption to more recreational use. Instead of shopping for cannabis products to treat symptoms, consumers are hinting at a greater interest in portable, shareable recreational products. In addition, the affirmative guidelines provided by the FDA for the continuation of the R&D activities concerning cannabis and CBD is anticipated to boost the growth of the U.S. cannabis market in the forthcoming years.
Today’s cannabis professional must adapt to ever-changing, compliant business practices as the tension between federal prohibition and an increasing number of states legalizing medical and recreational cannabis use grows.
