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

LED Horticultural Lighting Guide for Professional Growers

Horticultural LEDs offer an energy conserving option for professional growers who are looking for an efficient and powerful lighting solution for their indoor farms. So what kinds of grow lighting options are available, and what aspects differ between LEDs?

Increasing Grow Room Efficiency with Mobile Grow Racks

Increase your yield without adding square footage and grow more efficiently by streamlining your operation with mobile grow racks. But don't forget to take your HVAC system into account.

4 Ways to Trick Your Cannabis Plants into Making Bigger Buds: Good and Bad Stress

Not all stress is bad. In fact, some types of stress can push cannabis plants to work harder to produce bigger buds. It’s important to understand your limits, however, and to know how to protect your crop from unhealthy stress.

MEP Retrofitting for Controlled Environment Agriculture

Whether you're upgrading your equipment, replacing a failing system, or preparing a building for cultivation, an MEP retrofit is no small task. You will need the help of experienced engineers and HVAC technology that will best serve your plants. Before embarking on your retrofitting journey, take these considerations into account so that you may choose the best design team for your project.

(WEBINAR) CEA Facility Design From A to Z

Learn from CEA planning and design experts on how you can pre-plan your indoor farm to avoid costly mistakes, choose the right internal systems for your facility, and work efficiently and effectively with architects and MEP professionals.

Cannabis Facility Architectural Design

The architectural design of your cannabis cultivation facility will lay the foundation of the rest of your operation. That's why getting it right is so important. Let's look at what proper cannabis facility architectural design involves and why Surna is an excellent choice for growers looking to work with experienced architects and engineers.
Sign up to receive blogs and other news

Footer

© 2022 Surna. All rights reserved.
Surna
Scroll to Top