Cannabis is one of the world’s fastest-growing industries, creating tens of thousands of jobs in the U.S. each year. Thanks to the (admittedly slow) legalization of medical and recreational marijuana, cannabis has begun infiltrating other industries from the world of medicine to the international stock exchange. Likely to continue growing exponentially over the next decade or more, the future of cannabis is looking bright.
At Vitaldiol, we have been developing and selling innovative hemp and CBD products for years, all while watching the industry expand at lightning-speed. We are interested not only in the advancement of CBD, but in the cannabis industry as a whole. Here, we’re going to cover a few thoughts on the future of cannabis, how the industry will impact other industries, and what cannabis will look like in the next 10 years.
Cannabis in Medicine
Medical marijuana has been used by health practitioners for decades, but due to widespread criminalization, it has yet to be integrated into everyday medicine. Now, doctors throughout the U.S. will be faced with the opportunity to change how they approach the topic of cannabis, since many more of their patients will be using cannabis regularly. For many people, cannabis is more than a recreational substance, and plays a key role in their mental and physical wellness.
While many doctors have been forced to ignore patient cannabis use or discourage it, legalization and decriminalization will allow physicians to take better care of their patients. Caring for patients who use cannabis requires an understanding of how cannabis works. As doctors and nurses become more familiar with the effects and benefits of medical marijuana, they may be able to give better recommendations to their patients and provide them more holistic care.
An effective, long-term nausea treatment has long eluded the world of medicine, forcing many people to turn to unreliable pharmaceuticals or pseudoscience remedies. Cannabis has been proven to be an effective nausea treatment in a number of studies, including for individuals seeking occasional relief and relief from chronic conditions. In particular, patients undergoing chemotherapy may benefit from taking cannabis products to reduce nausea, increase appetite, and reduce some pain.
Benefits of cannabis as a nausea treatment include:
Easy to consume (wide range of methods)
Safe to self administer
Pain management takes up an enormous portion of daily medical services, with nearly 30% of Americans taking prescription painkillers on a monthly basis, and 1 in 10 taking them regularly. While synthetic painkillers are an incredible tool for treating severe pain after surgery or injury, they aren’t a safe long-term option, and come with nasty side effects. Most seriously, prescription painkillers can be highly addictive, and may cause painful withdrawals that discourage users from quitting the habit.
Topic cannabis products like lotions, oils, and creams are now becoming a popular alternative to ingestible pain killers, and enabling people with chronic pain to safely treat their discomfort. The particular allure of topical treatments is in part due to the elimination of psychoactive side effects. Applying a topical cannabis balm or oil can help alleviate pain without the ‘high’ of THC or the relaxing calm of CBD, making topicals a great option for individuals who struggle with substance dependency.
Supplements for Everyday Wellness
Cannabis has also shown potential to be beneficial for everyday wellness, regardless of the status of your health. Consuming cannabis supplements as part of a daily wellness routine can help promote better sleep and energy, decrease stress and increase concentration, and reduce everyday inflammation and sore muscles/joints. Supplements like our Relief Capsule with CBD and Turmeric combine key active ingredients to target general wear and tear, and can help to keep you feeling your best in combination with a balanced wellness routine.
The Business of Cannabis
In an era when jobs are easy to come by, but good jobs are nearly impossible to find, cannabis could be the answer to the country’s dubious economy. Already supporting more than 300,000 full-time jobs for American workers, the cannabis industry is estimated to be growing at a rate of 37% annually. As more states legalize cannabis and more customers begin shopping for weed, demand for cannabis workers will only continue to grow. The combination of new jobs and billions in retail sales will naturally bolster the economy, which is why some experts believe that service workers will begin transitioning en masse to the world of cannabis.
While some legislators and voters still oppose legalization, the prospect of major economic stimulation and billions in tax revenue could be what it takes to push cannabis towards federal legality.
Building a Cannabis Fortune
Several major cannabis companies have gone public, offering investors the chance to buy stocks and build wealth. Unfortunately, investing in cannabis isn’t as simple as traditional trading. Federal law makes possession and sale of marijuana illegal, so this business carries a significant risk. In states where marijuana is legal for recreational or medical use, federal agencies can prosecute marijuana businesses and dispensaries. Luckily, the risk is low, but it is something to be aware of before you dip your toes into cannabis investments.
The best investments to be made are with Canadian companies, since Canada’s laws are far less stringent than the U.S. If you are interested in trying your hand at cannabis investing, there are some marijuana stocks that are predicted to trend upwards toward the end of Q4 and into Q1.
The Future of Dispensaries & Cannabis Retail
For consumers, the most exciting prospects on the horizon of the cannabis industry involve expanded access to dispensaries and retail. While some states (like California and Colorado) have widespread cannabis retailers, other states with more recent legalization have far more limited options. In the next decade, access to cannabis is likely to increase throughout the country, with new and innovative businesses popping up as legalization and licensing expands.
Beyond the typical medical and recreational dispensaries, we expect to see some exciting innovations like:
Cannabis Food & Drink
Already available in some places, cannabis restaurants, cafes, and bars are on the rise. Delta-8, a cannabinoid found in marijuana and hemp that produces effects similar to THC but with lower potency, is at the head of this movement. Although Delta-8 can get you high, it is federally legal and therefore available in states where cannabis is still criminalized. Similarly, in states where cannabis cannot be sold outside of a licensed dispensary, Delta-8 presents an easy loophole.
Reception of Delta-8 cafes and coffee shops has been positive, indicating the potential for THC and CBD restaurants to take off in the future. Hopefully soon, you’ll be able to go out to eat and get high at the same time!
Cannabis delivery will be the next big thing in the coming year, and may be the most anticipated innovation thus far. While consumers in California have been enjoying delivery for some time, few other states have begun the process of allowing delivery.
Ask any stoner and they’ll tell you: cannabis delivery is the dream! Stay home, enjoy the comfort of your sofa, and have weed delivered right to your door? Heaven!
Soon, we think major cities around the country will be rolling out cannabis delivery plans, which will also help to create new jobs and build new corners of the industry.
Learn more about the future of cannabis and check out Vitaldiol’s CBD supplements by visiting us online!