It seems like everywhere you look these days, cannabis is making headlines. With more and more states legalizing the use of medical and recreational cannabis, it’s only a matter of time before the federal government follows suit. But what would this mean for the cannabis industry? Let’s take a look at some of the potential implications of a federally legalized cannabis market, according to industry insiders like Mike Staumietis.
Cannabis Prices Are Sure to Drop
If you’ve ever purchased cannabis from a dispensary, you know that it doesn’t come cheap. In fact, depending on the strain and quality, you could be paying upwards of $20 per gram. However, if cannabis were to become legal at the federal level, this would no longer be the case. With increased competition and lower barriers to entry, businesses would no longer be able to justify charging such high prices for their product.
In other words, weed would finally become affordable for everyone—not just those who can already afford it. Of course, there would still be premium strains available for those who are willing to pay a little extra, but the days of exorbitantly priced weed would finally be over. This would have a huge impact on the cannabis industry, as well as on society as a whole. No longer would cannabis users have to worry about breaking the law or spending too much money on their habit. With federal legalization, weed would finally be accessible to everyone.
The Black Market Would Be Gutted
Let’s face it: as long as cannabis remains illegal at the federal level, there will always be a thriving black market for it. People will continue to grow and sell cannabis illegally in order to make a quick buck, no questions asked. But if cannabis were legal, there would be no need for a black market—people would simply buy their weed from licensed dispensaries or growers. This would not only help to eliminate the illicit sale of cannabis, but it would also generate billions of dollars in tax revenue each year.
More People Would Use Cannabis Recreationally
While some people use cannabis for medicinal purposes, let’s be honest—the vast majority of people use it recreationally. And if it were legal, even more people would likely give it a try. In fact, a study recently found that nearly one-third of Americans say they would try cannabis if it became legal nationwide. With so many people eager to try cannabis, it’s hard to see how legalization wouldn’t be a success.
The Cannabis Industry Would Grow
Legalizing cannabis would open up many opportunities for businesses in the industry. Not only would more people be using cannabis recreationally, but businesses could also benefit from new investment opportunities and partnerships. In fact, some experts estimate that the cannabis industry could eventually become an $80 billion market.
There’s no doubt about it—cannabis is on the verge of becoming legal at the federal level. And while this may seem like a bad thing to some people, there are actually lots of potential benefits that come with legalization. So whether you’re for or against it, one thing is certain: change is coming to the world of cannabis—and there’s nothing we can do to stop it.