Why Are Cannabis Sales Growing?

 

If we look at the data we have, we find that cannabis sales have grown in the U.S. since the start of the legalization process in 2010. While men are the biggest demographic, women are beginning to join the fray. According to Headset's data, female cannabis sales increased 55% between early 2020 and late 2021, and male sales rose 49%. These statistics are impressive, but the future still remains unclear. Let's look at some of the factors that could help cannabis sales grow.

 

While there are many reasons for cannabis sales to increase, the main driver is the availability of medical marijuana. In the past three years, edibles have accounted for 9% of total sales, and this figure will likely grow to 11 percent by the end of 2021. Cannabis sales will also grow in popularity because more states will legalize it, and NSLC's efforts will be critical in keeping the illicit market under control. Among the trends that will help marijuana sales grow in the future: delivery, online ordering, and curbside pickup. According to the BDSA, delivery services will grow by 61% in 2020, and cannabis sales will increase by 12% in Q1 of 2021.

 

The BDSA reported that marijuana sales in Michigan increased by 27% in April compared to March, a year ago. Flower sales increased by 24%, while pre-rolls, ingestibles, and concentrates all saw growth. In contrast, cannabis sales declined by 13% and 10%, respectively. Despite the increase in sales, marijuana products are still considered illegal under federal law. This is a troubling trend for the industry, but it is possible to see growth in the future.

 

While cannabis expenses are still small and unregulated, they are expected to hit $20 billion by 2020, according to Marijuana Business Daily. By that time, sales could be higher than the craft beer industry. If the legalization of marijuana is successful, the cannabis industry could become bigger than the craft beer industry. There are POS systems designed for cannabis retail. In fact, some countries have declared cannabis an essential industry to combat the drug epidemic. There are even POS systems devoted to cannabis sales, which is a good start.

 

However, legalizing marijuana has many obstacles that need to be overcome for the industry to grow. Federal laws still categorize marijuana as a Schedule I substance, so many banks are unwilling to fund cannabis businesses. They also worry about losing their FDIC status, as well as risking being accused of money laundering for the "drug trade."

 

The distribution hubs for the cannabis industry are dispensaries. Similar to retail stores, dispensaries have knowledgeable staff who can help patients and consumers find the right cannabis for their individual needs. Security is an important consideration for this industry, and regulations often require specific areas to be monitored by security cameras. In addition, cannabis businesses usually deal in cash, which makes them prime targets for robbery. Therefore, it's imperative to ensure that dispensaries have an adequate security plan.

Keep reading on https://en.wikipedia.org/wiki/Cannabis_industry and most importantly, convert your knowledge into action, otherwise it remains a source of untapped energy as well as wasted potential.