An increase in product offerings, and national expansion, is fueling marijuana revenue
The cannabis market continues to explode. It is now recognized, in some form or another, as a legal product in 31 states, as well as in US-controlled territories of Guam, Puerto Rico and the Northern Mariana Islands. This growth is consistently spurring new innovation and products, which is leading to meteoric growth in marijuana revenue.
Deloitte recently released a study that shows that North America is leading the way for worldwide cannabis adoption. Canada is ready to completely legalize the plant this fall, and states across the US continue to warm up to the subject of legalized marijuana. Deloitte indicates that revenue in access of $12 billion could be expected by the end of next year.
The growth has attracted a lot of new entrepreneurs that are constantly offering new products. For example, HempMeds, a subsidiary of Medical Mariuana Inc., is introducing a full line of CBD-infused oil products, which it is currently highlighting at the Cannabis World Congress and Business Expo in LA.
KushCO Holdings has formed a strategic alliance with Smoke Cartel to market the Roll-uh-Bowl, an online retail distribution platform for medical-grade silicone water pipes. KushCO also offers a range of glass pipes, bongs and grinders.
On the financial side, Cannabis Strategic Ventures (CSV) has completed a full audit that was required by the Securities and Exchange Commission (SEC) as part of its public investment presence. CSV is just one of several marijuana-based companies that are, or are planning to be, traded publicly.
Just when most thought that the economy was going to become stagnant again, states are showing that they have the ability and desire to forge new paths to help them become more self-sufficient. The US is only barely scratching the surface on what is possible for the marijuana industry and there are an endless array of options still waiting to be explored.
