Cannabis Industry Overview Whitepaper
Looking to get a better grasp of compliance and operational efficiency in the legal Cannabis world? Download our latest whitepaper today.
We take a deep look at the costs, metrics, and laws that drive this quickly evolving and diverse industry, in an easy to read format.
An overview of the Cannabis Industry
The world of cannabis is running. As of 2017, 28 states have legalized the medicinal use of marijuana, with recreational use legal in 8 states and the District of Columbia. And in Colorado, the legal marijuana industry totaled almost $1 billion in sales in 2015, and is in fact expected to grow by 11.3 percent per year until 2020.
In Washington state, marijuana production sales more than tripled from 2015-16 from $15 to $51 million, and is set to again double in 2017. And, with other states set to jump aboard in the coming years, the Green Rush is in effect.
But, as with any new industry, growing pains and new obstacles are inevitable. Marijuana remains illegal at the federal level, creating a dark forest of potential issues. This goes from how local and state governments choose to regulate grow facilities – even including how and why agencies research and select compliance standards – to accessing investor capital, to even creating a reliable benchmark for base product values. With so many different stakeholders eager to pin down better data from marijuana growhouses, this dark forest needs a reliable compass to navigate through to reach higher profits, lower costs, and product quality.