Search
Close this search box.
Search
Close this search box.

What You Should Know About The Cannabis Industry

Last year, eight new states were added to the ever-growing list of medical and recreational marijuana markets. With that has come a lot of discussion around the industry and its legitimacy and impact. Here at Surna, we’ve seen this discussion play out over and over during the last few months so we wanted to share what we think of the industry and its current and potential impact.

January 26, 2017

Last year, eight new states were added to the ever-growing list of medical and recreational marijuana markets. With that has come a lot of discussion around the industry and its legitimacy and impact. Here at Surna, we’ve seen this discussion play out over and over during the last few months so we wanted to share what we think of the industry and its current and potential impact.

To begin this conversation with anything but cannabis’ potential medical benefits would be remiss. Unfortunately, due to the way cannabis is currently scheduled in the US as a Schedule I narcotic, there has been limited research into potential health benefits. However, based on the anecdotal and limited research evidence we do have, it is safe to say that cannabis is a game changer for many suffering with everything from cancer to chronic pain to mental illness.  Both of the compounds in cannabis (CBD and THC) have multiple medicinal uses and the potential to provide much needed relief to those suffering. In fact, there is an overwhelming amount of support from physicians around the world and the country for using cannabis medically. Fortunately, this support is growing among both citizens and health organizations (like American Public Health Association and the Federation of American Scientists, among others), indicating that we may be on our way toward greater research and ultimately, greater relief for those suffering with various illnesses.

Cannabis has also been a huge source of economic growth and revenue for the states that have chosen to legalize it. For example, Colorado’s cannabis market grew 32% in 2016 from $993 million in 2015 to $1.3 billion, leading to a state economic growth rate of twice the national average. The cannabis market helped Colorado to recover from an economic downturn and even as other states legalize, Colorado still sees steadily rising sales. When you then consider that every sales dollar of cannabis represents $2.40 in state output from the various activities related to its cultivation, processing and sale, you begin to recognize the incredible economic impact of this young market.

If the economic growth from cannabis isn’t enough, states have been making incredible revenues from taxes levied on the manufacture and sale of this plant. So far, Colorado has collected roughly $180 million in taxes with $50 million of it specifically allocated for building of new schools. This is real impact. This will create real opportunities for the next generation.

Furthermore, there are currently 122,000 people employed in the cannabis industry. Think about that for a moment. That’s 122,000 people working in areas directly related to plant-  cultivation, processing and selling. Now consider all the ancillary jobs that have been created to support the industry- construction, regulation, technology, etc. This is no small number. California is already responsible for approximately 43,000 of those jobs and the adult-use market has not even been established yet.  The potential for job creation in this young industry is amazing and exciting in a country where so many are currently un- and under-employed.

Last year’s election was promising for cannabis as a whole but the adult-use laws passed in California may be one of the most exciting things to happen to the market. Consider that California has the 6th largest economy in the world. In the world!  It is projected that California’s adult use market in its first full year (2018) will be $1.6 billion!  And California isn’t the only state. Florida’s medical market is expected to rival Colorado’s. Massachusetts will also see significant sales in its first year. In fact, experts are projecting that the industry will grow 184% nationwide to $21 billion by 2021, cementing cannabis as an incredibly valuable US industry.

The potential that the cannabis industry has in offering relief for those suffering, fueling economic growth, creating jobs and providing much needed tax revenue to states is immense. Here at Surna, we’ve dedicated our business to supporting those going after a dream that is becoming increasingly realizable. We are constantly awed at what is happening to the industry and are extremely excited to watch it all unfold from the front lines. For questions on how we can help you get in on some of this action, drop us a line. We’re always excited to talk to fellow dreamers!

Contact Us

Ready to get started or learn more about how we can help your facility succeed? Fill out the form and a company representative will be in touch.

Area of Support*

Share:

Featured Articles

Hydroponic Systems – 5 Different Types & How They Work

Discover how hydroponic systems revolutionize farming, offering precise nutrient control, space efficiency, and sustainability for a greener future.

CHP and HVAC in Cultivation Facilities

CHP offers cost-saving, eco-friendly power solutions, particularly important in an industry facing downward pricing pressure. Discover how your cultivation facility can leverage CHP.

Reasons you aren’t meeting setpoints (HVAC/D)

Cultivators often face challenges in maintaining HVAC/D setpoints, with issues ranging from humidity to equipment failures. Both commercial and home growers recognize the importance of a reliable system for optimal cannabis and greens production. Identifying common failures and implementing best practices ensures consistent climate control in grow spaces.

CHP for Indoor Food and Cannabis Growers

As markets evolve, CHP offers cost-saving, eco-friendly power solutions for growers. Learn more about how you can reduce your grow room costs by leveraging combined heat and power.

Challenges of Indoor Cannabis Grows vs. Sun-Grown Cannabis

Cannabis has a long history, once frowned upon and illegal, but now widely accepted. Indoor cultivation is prevalent, despite support for legalization and outdoor cultivation in 21 US states.

Is Indoor Cultivation Difficult?

Indoor cultivation requires precise control of artificial environments for successful leafy greens and cannabis growth. Facilities, lighting, and automation play crucial roles. Discover the pitfalls many growers find out too late.
Sign up to receive blogs and other news

Footer

© 2024 Surna. All rights reserved.
Surna
Scroll to Top
commercial indoor farm considerations and setup examples