What to Expect From Cannabis In 2018
There are a lot of moving parts to consider when it comes to cannabis in 2018, but things look decidedly bright, if a bit hazy (that comes with the territory though, doesn’t it?). What was considered counterculture is well on its way to becoming commonplace, and we are extremely here for it! Despite political uncertainty and legislative rigamarole, 2018 is poised to be the biggest year on record for cannabis. Here’s our year in preview for marijuana in 2018!
It's green on green on green for weed in 2018!
The marijuana industry grew exponentially in 2017. As reported by Forbes, Arcview Market Research anticipated legal marijuana sales (both medical and recreational) to crest $10 billion dollars by the end of this past December. Revenue jumped 33 percent from 2016, and Arcview expects the cannabis industry to approach $25 billion by 2021.
In comes California—where recreational legalization took effect on January 1, 2018. The existing California medical marijuana market already pulls in more papery green stuff than the combined recreational efforts of Colorado, Oregon, and Washington. California boasts the sixth largest economy in the world, and it will have a massive financial impact on cannabis in 2018.
The more money marijuana generates in 2018, the more tax revenue will be collected. Some cannabis advocates feel that taxes on weed are too high, but these funds will offset deficits across the nation and reinvigorate the communities where they are collected. Taxes can lead to good things and will further legitimize the booming marijuana industry as a something that should be federally legalized.
Make money with weed... the legal way.
Legalizing marijuana has created more than 150,000 jobs in the United States in the past few years, and New Frontier Data predicts that this number will rise to a quarter of a million jobs by 2020. Talk about perfect vision! As traditional manufacturing jobs become automated and/or obsolete, careers in the marijuana industry will grow like a well-tended crop of the world’s finest sativa.
Cannabis careers can take many forms. Dispensaries will need budtenders, and retail outlets will need management. Farmers can help with growing marijuana, and technicians will aid in manufacturing products containing cannabis in 2018. Don’t forget the scientists and lab techs working behind the scenes to get the finest herb in the hands of the people!
Widespread cannabis legalization will also necessitate a supporting industry of cannabis-related jobs. Accounting, marketing, legal, and security service industries will see an increase in jobs to help out the marijuana mavericks on the frontlines. Equipment manufacturers, financial service providers, and tech companies can all anticipate an employment opportunity boost in 2018 all thanks to cannabis legalization.
We begin 2018 with nine jurisdictions (Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, Rhode Island, Washington, and the District of Columbia) that have recreational legalization, and there are 29 states where medical cannabis can be legally obtained. It will be interesting to see how those numbers have changed by the end of the year.
Vermont sent a bill to its governor during the first weeks of 2018 to legalize recreational marijuana, and it is expected to be signed into law. Oklahoma will vote on medical marijuana in its June primary election. Rumblings of legalization on varying levels are emerging from every corner of the United States, and it’s no wonder as to why.
A 2017 Gallup poll reports that a record number of 64 percent of Americans support legalizing marijuana, and it’s no longer a strictly liberal agenda either. For the first time, over half of Republicans support legalization. This bipartisan turn of events will help challenge some of the nastier political moves being made on the federal level, especially those by U.S. Attorney General Jeff Sessions. While we feel weed in 2018 will be a landmark year of successes untold, we do not, however, think that Sessions will have a very good time this year.