5 Emerging Cannabis Markets to Watch
5 Upcoming Cannabis Markets to Watch
With thousands of people search for medical marijuana jobs daily, the cannabis industry is set to become one of the world’s largest and fastest growing industries. In fact, legal cannabis could be a $22 billion dollar market by 2021. These figures are likely to be much higher as more states open up to legalization, medicinally and recreationally. Although many people are looking towards California in 2018 with adult use underway, it’s not the only state to be watching. Here are five key cannabis markets you should be monitoring.
This is the biggest state to watch for in upcoming cannabis markets. In November 2016, voters approved a measure allowing recreational cannabis or adult use in Massachusetts. The Massachusetts Cannabis Control Commission was put in charge of drafting regulations. Currently, the state has mandated the regulations be put in place by March 15, 2018. Retail cannabis sales are anticipated to start July 1, 2018. It is still unclear though whether or not licenses will be issued by then. Regardless, Massachusetts is poised to be a lucrative market, for entrepreneurs and investors.
Pennsylvania officially launched their medical cannabis program February 2018. However, just weeks in, dispensaries are already running low on supplies. This is likely due to the fact that there is currently only one cannabis cultivator shipping to distributors. There are also only two open dispensaries serving the state. Shortages along with high taxes are leading to a hefty price tag for consumers. However, the program is still in its early stages. More dispensaries are slated to open in the coming weeks. As the state’s medical marijuana program expands, prices will likely stabilize.
Maryland approved a measure legalizing medical marijuana four years ago. However, legal cannabis has only recently become available to consumers. Setting up the state’s medical marijuana program took much longer than expected. However, recreational cannabis may not be a far too distant reality. There are already over 17,000 registered medical marijuana patients in Maryland and 6 open medical marijuana dispensaries. A recent poll revealed more than half of voters support adult use. As states with recreational cannabis measures in place continue to bring in billions of dollars in tax revenue, it is only a matter of time before other states like Maryland jump on board.
In November 2016, Arkansas legalized medical marijuana. One of the few states in the south to do so, it was a historic move. The medical marijuana industry in Arkansas has been slow to progress. However, the state did recently announce five approved cultivation companies. Dispensary winners are expected to be announced in May. While it will be some time before consumers are able to purchase cannabis, some estimates predict late summer or early spring, the medical marijuana program is creating promising new economic opportunities. Recent developments have delayed this state, making it lower on the list of upcoming cannabis markets.
Last on our list of upcoming cannabis markets, Ohio. Ohio’s September deadline for medical marijuana is quickly approaching. Like other states, Ohio has faced its fair share of setbacks. A recent lawsuit has ensued regarding the validity of the state’s provisional cultivation licensing process. Depending on the outcome of this case, there may be delays. But at this point, it is anyone’s best guess as to whether or not patients will have access to medical marijuana this September or not. Regardless, it is wise to keep an eye on Ohio’s medical marijuana market, as they are still moving forward even with these lawsuits. The state still has major challenges to overcome but it may soon be home to a flourishing cannabis market.
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