The pandemic has wreaked havoc on the world, and many industries have been significantly impacted. The marijuana industry is one of the few exceptions to this rule. In fact, it has flourished in recent years as a result of the pandemic. Surrounded by industries that are dying out or struggling to survive, how is it that the marijuana space has not only survived, but blossomed as the United States slowly starts to come out of the COVID-19 pandemic?
Marijuana sales continue to grow
According to data collected from Marijuana Business Daily, cannabis sales have hit $20 billion in 2020, are on schedule to top $26 billion this year, and are expected to increase to $45.9 billion in 2025, just three years away. This staggering growth is largely due to the increasing legalization of marijuana across the country. As more places legalize cannabis, sales continue to increase exponentially year over year. Currently, recreational cannabis has been legalized in nine states and Washington D.C., with medical pot legal in 30 others (and counting). This means that nearly one-third of all Americans can go to a legal dispensary, obtain either a medicinal recommendation card, or shop for cannabis products recreationally.
The pandemic could be to thank for flourishing industry
Why is it that in the midst of other business industries who have been struggling for the past two years, the cannabis space is thriving? It could be that consumers who had extra stimulus money from the throes of the pandemic were spending it on marijuana. Heavy into quarantine, there wasn’t much else to do. Dispensaries in certain states were even deemed as essential businesses.
It could also be that in the wake of a horrific pandemic, consumers were looking for an escape and weed was it. Even if they weren’t spending their stimulus money on pot; people had access to legal marijuana who didn’t before—which means even more customers. And with all these new paying customers flooding into dispensaries across the country, in addition to more and more marijuana plantlegalization, it follows suit that cannabis sales are growing.
Marijuana popularity is creating a new job market
Not only is the marijuana industry flourishing in sales, it’s also quickly creating and expanding jobs too. Naturally, the more popular something becomes, the more need there is for employment. There were roughly 234,700 full-time jobs in the cannabis space in 2019. This number pales in comparison to the employment numbers last year in 2020, which had quickly leaped up to 321,000. The year 2021 has projected to provide even more employment. In other words, it’s a steady increase each year.
Despite the booming popularity of the marijuana industry in the United States, it is not without its challenges. Proponents of cannabis have many more obstacles in front of them, such as tax reforms, banking, and hesitation from financial institutions to show their involvement. Of course, the marijuana business is used to playing the waiting game. Its victories have been over long periods of time and have been hard fought.
The marijuana industry is booming in the United States. Despite a recent pandemic that has left many people struggling in all kinds of ways, the cannabis space has been thriving. There are still challenges to overcome before we can fully enjoy this new prosperity. But for now, let’s celebrate the good news – more jobs will be created when cannabis becomes legal across all 50 states! In the meantime, if you’re in need of high-quality marijuana products, visit The Boulevard Dispensary in Lemon Grove, San Diego today.
