Many people often wonder about the top industries impacted by marijuana legalization. It is safe to say that times are changing as the cannabis industry is going in the right direction, if you were to ask the advocates that have been waiting for marijuana legalization for such a long time.
In some states, marijuana is considered legal for those who smoke recreationally and in thirty states; it is legal for medical patients. Currently, Congress has worked on hemp -de-scheduling for the legalization of cultivating hemp, which is the cousin to marijuana.
The Farm Bill was passed or updated as a result. The industries and companies that might have been affected by the ongoing trend of marijuana legalization should jump onboard or risk sinking as growth continues. Let's take a look at the top industries impacted by marijuana legalization.
The Companies and Industries
For a better outcome or worse outcome, hemp and marijuana legalization will definitely have an impact on many industries and the country at large. Some companies and industries will be boosted by these changes and others might other companies and industries might be trying to stay afloat at making up for their lost profits because they had not jumped onboard sooner. Most of these profits are currently being funneled to companies and industries that are embracing hemp and marijuana legalization. There are several top industries that are impacted by marijuana legalization, which we will discuss below.
The Pharmaceutical Industry
There are so many people that have begun to realize the benefits of the marijuana plant and how it can be an alternative to pharmaceutical drugs. However, there are some in the pharmaceutical industry that might not like the fact that people are choosing cannabis as a means of getting well because it digs into their profits. And so, they might not be gunning for marijuana legalization; at least not as quick as how others want it.
There was one report that made a note that the cannabis industry could take away up to $4 billion profits from the pharmaceutical industry every year. Pfizer, which is one of the most major pharmaceutical company could lose up to half a billion dollars in annual revenue.
This has to do with the many medical conditions that are being treated with cannabis rather than prescribed drugs. Some of these medical conditions include depression, anxiety, insomnia, seizures, neurological disorders, and chronic pain; just to name a few.
The Textile Industry
Hemp legalization was necessary because of its use in the textile industry. The business owners that should be worried about this are the ones that make products from non-organic cotton. Legal hemp brings organic cotton or hemp fabric that is safer to use.
Moreover, it is not easy to grow cotton and it would require more resources in comparison to using hemp instead. Hemp legalization has been a big deal for the textile industry as it is the better option for non-organic cotton. Many cotton farmers are looking to hemp for the rotation crop that they can depend on. These are reasons why the textile industry is one of the top industries impacted by marijuana legalization.
The Alcohol Industry
It goes without saying that many people would prefer to consume cannabis rather than alcohol and yet alcohol, although bad for your health is fully legalized while marijuana legalization is yet to be embraced nationwide. These days, cannabis is showing signs of taking over, but we are still not fully there yet. However, when it comes to sales, cannabis is giving alcohol a run for its money; raking in billions of dollars in sales. Making alcohol another one of the top industries impacted by marijuana legalization
The Tourism Industry
Marijuana legalization has brought a lot to the tourism industry as people from all over the world visit states that have legal dispensaries where they can buy weed freely. In fact, marijuana legalization has boosted the number of tourists that visit these legal states. Colorado, for example reported more than 86 million people who visited in 2017 alone.
The banking and finance industry is also showing signs of cooperating by offering cannabis business owners an outlet to conduct business. It has started with small credit unions in some states where marijuana legalization is welcomed. These are some of the top industries impacted by marijuana legalization as you can see for good reason.