2021 SO FAR! The Major Changes for Cannabis Dispensaries!
The legalization of recreational cannabis continues to see more states enforce it, the number of dispensaries across the states has also reached a peak. With the states of South Dakota, Arizona, Montana, and New Jersey legalizing the use of recreational marijuana, the market will steadily continue to rise.
Oregon currently leads in the number of dispensaries per capita and fastest-growing market. In a recent survey, Verilife counted 16.5 dispensaries for every 100,000 people, and there are more than 660 dispensaries scattered throughout Oregon. Oklahoma follows closely with 15.6 dispensaries per 100,000 people. More and more states are relaxing their anti-Cannabis law, this should give these two pioneering states a competitive advantage. However, dispensaries per capital aren’t the only data that shows signs of growth in the Cannabis market. California, Colorado, and Washington despite having lower rates of dispensaries than Oregon and Oklahoma have all reached an enormous milestone in 2021: They each generated a lifetime tax revenue of over $1billion.
Banking struggles continue to persist as many Cannabis companies find it hard to record any substantial growth, this is due to Banks not being willing to work with them. In the event that a Cannabis company does find a bank willing to work with them, it’s a common case to see banks cease business relations without prior notice, this further disrupts the banks. Bigger financial institutions like Visa, MasterCard, and major American banks are afraid to work with anyone associated with the cannabis industry. This is because of the federal risk involved. Once the ban is lifted and federalization is affected, this would be sorted.
According to research done by New Frontier Data, If Cannabis sales were taxed at 15at the federal level, over $46 billion could be generated in federal tax revenue. This money could be used and diverted to other infrastructural projects, healthcare, and education. Another benefit of legalization is that it would land a strong blow on unemployment, currently, there are over 243,00 full-time workers employed by the cannabis industry. If legalization happens across all 50 states, this means that the number could be raised to one million by 2025. Leafy Jobs in a 2020 report already shows that number exponential increasing at 250% from 2018 -2028. With full legalization, the potential to exceed all these numbers is valid.
The United States of America shares this cannabis future with many other countries. In a 2020 Grand View Research, by 2027 the global legal marijuana market is expected to reach $73.6 billion. This future is slowly unraveling all over the world. For example, Marijuana Business Daily breaks down Europe's 2019 $260 million medical cannabis market, the same can’t be said about recreational marijuana as it’s very much still illegal in the EU. In spite of this, Luxembourg, a country having a population of 600,000, has rolled out its plan to legalize recreational cannabis, while many other countries such as Italy, Germany, Portugal, the U.K, and the Netherlands, have all recently legalized medical marijuana products, France and Spain want to take it as far as legalizing its use. This is what we mean when we say the future is slowly unraveling over the world.
Asia is also not left out in this future. According to the Thai inquirer, Thailand has become the first country to legalize medical marijuana, this has been followed closely by South Korea. Japanese and Singaporean governments have also passed the legalization that allows for research into certain cannabis compounds. With Thailand leading the way, many other Asian countries have now started following in their footsteps.
Even in the US, sentiments against cannabis use are radically changing. As of 1969, only 12% of the population thought cannabis should be legal. Now in a recent Gallup poll conducted before the November election showed that 68% of Americans now thought that marijuana should be legalized, which is twice as it was in 2000.
After the research that had gone into the cannabis industry and the advanced technologies that dispensaries need, Kisi really believes that the future of the cannabis industry is positive, this can be substantiated with more states legalizing the recreational or medical use of cannabis each year. The journey to federally legalize marijuana has been a long one and it is good that public support for the industry has only but risen over this time. As more dispensaries are added per state, it is expected that the cannabis industry will be pivotal to the national economy by creating jobs and internal revenue.
For more major changes about cannabis dispensaries around the United States and the world, you can reach out to us at ServiceGanja.
ServiceGanja is a technology platform designed to assist in the management of Cannabis Retail locations of all sizes. ServiceGanja is the next-generation POS system that employs emerging technologies to redefine customer service.