Cannabis Blasts Off at S-OneLP
Attitudes about cannabis are changing faster than the weather. It wasn't that long ago when cannabis was considered taboo. Now it's a large legal business that's only getting bigger. And it's getting attention from new potential investors, growers, and manufacturers.
Right now, cannabis is still illegal under federal law, although that may soon change. Lawmakers in Washington have taken up the issue and there is momentum to legalize it nationwide. Until that happens, state governments are figuring out ways to take advantage of the boom. For example, Arizona made more than $400 million on medicinal marijuana from state and local taxes just a few years ago. Those numbers are bound to go up since the state recently legalized recreational marijuana. The number of states which has legalized cannabis in some fashion now stands at more than 40, plus Washington, D.C.
Let's take a look at the numbers as they are right now. New Frontier Data reports, in 2019, the cannabis industry was estimated to be worth almost $14 billion and responsible for creating almost 350,000 jobs. Some of those jobs include harvesters, who grow and trim the plants, a budtender, who is ready and able to answer questions to help consumers pick a brand or variety. And even an edibles chef. The number and demand for jobs will only keep increasing as the industry grows. NBC News estimates the cannabis industry could be worth more than $30 billion within the next five years and Cowen's says it will be at $80 billion in 10 years.
Of course, a ton of work goes into making the cannabis industry what it is today. You don't see what goes into bringing those plants to your nearest dispensary. Kush.com breaks it down into five stages.
We recommend cannabis brands start looking at their packaging options as early in the process as possible to avoid downstream delays. We have packaging experts to guide you through the process. Contact us and we'll be happy to answer any questions you might have about this emerging industry.
Cannabis is the most grown, cultivated, harvested, and used drug in the world and the market is only going to get more saturated as states relax their laws. When that happens, you can bet S-OneLP will be here to guide you every step of the way.