Canada’s very recent implementation of full legal cannabis use for both recreational and medical purposes is bringing fast changes not only in the country but in other parts of the world as well. The U.S., in particular, is likely keeping a sharp eye on how things will turn out as the country looks toward its own future where recreational use is legal and stores to purchase marijuana will be needed.
Currently, in the United States, 10 states have legalized recreational cannabis while more have legalized cannabis for medicinal use after the last midterm elections. More states are constantly pushing to go for full legalization like what is happening in Canada, and with it, the possibility of the controversial industry to further grow and expand.
The potential it has is incredible and it could benefit many people by providing a new source of employment as well as products that can provide health benefits. This future is very real for those in Canada, but for a majority of the United States, it’s still a far-off dream. However, the market that is due to emerge in Canada is one that many businesses and investors in the United States should keep a keen eye on.
A change in retail that is heading our way
Among the places in Canada, much of the industry is keeping an eye on Ontario. As the most populous province, it has an incredible market to tap into for those with retail minds. In order to help support and grow this market, the Crowns Retail Council has been established last August. The purpose of the council is to bring expert knowledge so those looking to set up shop have the best advice and preparation to seize the market right from the start.
It’s vital to ensure that the retail market here takes off successfully and keep a momentum going. The future of legalization for the United States is reliant on how well the industry performs and how it shapes up to be. Some states have already legalized marijuana but selling it involves following laws and regulations to ensure quality and safety for those who are purchasing it.
Helping the market to flourish
With such an exciting chance for this robust retail industry, it’s important that those setting up shop have the knowledge and staff to provide a professional and secure environment. With many linking marijuana to illegal activities, it is necessary to have staff that are educated and prepared to deal with all the questions potential customers could have, as well as those who are just curious about the whole thing.
The potential for this market is exceptional, especially now that there’s a decrease in alcohol use in younger generations combined with more liberal views towards cannabis, this has truly helped spur on the legalization movement.
According to Statistics Canada, $9 billion was spent on Beer alone in 2017 while the estimations for the cannabis market is close to $10 billion. This estimate comes from a chief economist at CIBC World Markets.
The difference it can bring
Creating new jobs and bringing knowledge to curious people are just the start. For those who currently work with medicinal cannabis, it’s common to get to know the regular customers like working in any retail store. A woman called Marina spoke to the National Post about her reasons for getting involved in this industry. She owns several dispensaries and doesn’t shy away from the fact she got into the business to make money. But she also said that being able to talk to people who use it for medicinal reasons and how much of a difference it makes to their everyday lives, has also inspired her to continue on with the industry.
She fully expects big companies to enter the scene once it becomes legal and bring with it more competition that is often healthy for businesses.
In the United States, most of the retailers selling cannabis products are mostly medicinal where it is legal, but some states have legalized recreational use. Those states with recreational use are already reporting huge numbers. An article on Forbes reports California being the biggest, making an amazing $2.75 billion.
The growth that’s already happening
Now, even if the U.S. hasn’t fully legalized cannabis use yet, there are companies that are already making headway in the business. PotNetwork Holdings, Inc. (OTCMKTS:POTN), for example, has been growing rapidly this year. It’s already shaping up to be better than its 2017 performance, and we are not even done with 2018. Currently, PotNetwork primarily sells its products online or at trade shows. PotNetwork attends on average around 20 shows a year and gain a lot of exposure through it.
Its line of CBD products, courtesy of subsidiary Diamond CBD, that deals with animal health and welfare has been an incredible success, with Harbinger Research praising it. The reason being that while people are often hesitant to spend large amounts of money on themselves, most are quite content spending whatever is necessary to ease the pain and aches of their beloved pets.
The company also deals with the expected lines of products with CBD such as edibles and vape liquids, while creams are considered best-sellers for those looking for ways to relieve muscle pain. Needless to say, POTN has a wide range of cannabis products that can answer specific health conditions, which make them a favorite brand among cannabis enthusiasts.
Keep an eye on this industry
With legalization in Canada finally implemented, it won’t be long till retail stores can finally get to work and show just how profitable and life-changing cannabis can be. The shift in attitudes towards it has definitely been a massive influence on the journey to legalization. For cannabis retailers in the United States, this is going to be a turning point that could potentially help push for full legal recreational use.
Cannabis is now poised to have the same success as industries like tobacco and alcohol have, but it’ll continue to face challenges along the way. To counter the negative stigma, the industry needs trusted companies like PotNetwork to headline the advantages of cannabis use, especially in the U.S. where conservatives continue to have control on the dialogue of cannabis legalization.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
Can you reverse seller’s remorse?
While buyer's remorse in real estate often occurs, seller's remorse is equally common.
3 airline quality secrets that will make your next flight better
Interestingly, there's a disparity between airline performance and airline perception. Here are some top airline quality secrets to keep in...
Taxing the wealthy to solve income inequality
It's Tax Monday. Have you filed your taxes yet?
Taxes and government waste: Is there a better way?
Should the current American tax system be simplified?
Why knowing all about bonds is important for investors
Bonds have a significant role in determining the direction of currencies and exchange rates.
- Entrepreneurship4 days ago
Local search marketing tips e-commerce site owners should know
- Crowdfunding3 days ago
This Wall Street outcast is giving everyone access to insider deals
- Business5 days ago
Gambling industry investors may profit the most in these countries
- Entrepreneurship4 days ago
7 simple ways to boost your website’s online sales