Marijuana is now legal for recreational use in 11 states, as well as being legal in 33 states for medical use. The growth of the cannabis industry has no rival, with estimated revenue projections well into the billions.
One of the reasons for the ever-growing expansion is the versatility of the product itself. In addition to consumers who enjoy the recreational aspects of marijuana and those who are prescribed pain remedies, there are also other parts of the plant that have made huge industry strides. Cannabidiol, also known as CBD, is one of the cannabinoids in a portion of the cannabis plant that makes up 40% of the plant’s extract. People have flocked to experience the effects of CBD because it provides many of the same healing powers as another compound found within the plant, THC. The exception is that CBD is non-intoxicating and therefore can be applied to many functional uses.
Hemp is widely cultivated around the world for many reasons. In addition to being the source of CBD oils and thereby offering people benefits of the cannabis plant without the effects of THC, it has fibers that are used in industry to make numerous fabrics and structures. Hemp can also be consumed in both seed and oil form to aid in nutrition and digestion.
The fact that there are so many uses for this organically-grown product is even more reason to believe this industry will be sticking around for many years to come. Even in the case of a recession, like the one the U.S. is undoubtedly heading into, there will be jobs in the chain of command produced by this industry. The experiment, in a sense, was already done during the Great Recession of 2007-2009, when statisticians monitored the purchase of alcohol. The numbers held steady, even increased as time went on. This proves that people are likely to keep relaxation methods in their budget, especially during times of stress. Knowing that cannabis provides so many more benefits than just narcotic pleasures is even more reason to have confidence in the industry.
In addition to the careers of the cultivators and distributors of the smoke-based part of the plant, CBD oil alone has become the latest consumer trend over the past few years. Social media influencers have raised awareness by promoting everything from skincare and cosmetics to infused beverages. This is the closest to a recession-proof industry there is.