California has a culture built on alternative lifestyles, and the recent legalization of recreational marijuana seems as if the government is just playing catch up to a place that a vast majority of Californians have been for quite some time. California is one of America’s top states when it comes to the financial market, so it is no surprise that with the perception shift surrounding marijuana a new market and wellness industry is on the verge of an upsurge. With California being the sixth largest economy in the world this means the wellness industry and marijuana market is set to grow exponentially.
Medical marijuana has been legal in California since 1996; in fact California was the first state in America to legalize medical marijuana. The rising idea amongst people is that the conscious use of cannabis is linked to good health.
In the past, pot shops and the general marijuana scene was equated with dingy, low class overtones. According to the general public, marijuana users were from the fringe of society, outcasts and lazy individuals. This is, however, a misconception that is gradually being washed out of society. New marijuana stores are designed with the wellness industry in mind and the stores steam of wellness in an industry set to take over the market.
To those that were enjoying marijuana on the fringes, cannabis was a symbol of defiance and a cause. So now that the concept of a cause is dissolving, marijuana is becoming the new gateway to health. The wellness industry already has a strong foothold in Californian culture and the destigmitizing of marijuana could bring the wellness industry to new heights. There are many companies, tradesmen and farmers who are promoting conscious use of cannabis. This is a far cry from the perception of Cheech and Chong just getting high to escape their reality.
Companies are releasing products and paraphernalia that an active professional can use to enhance creativity or performance. Different strains can be selected according to their cerebral offerings. The different strains can offer enhancements for intuition, creativity, relaxation, focus, energy, etc.
BDS Analytics predict marijuana revenue to reach $3.7 billion this year and this is estimated to reach over $5 billion the following year as the marijuana market expands.
The average price of cannabis is set to rise as the market swells, and if federal restrictions become too tight on the marijuana market then we could see the social impacts of this. If businesses are unable to attain the required licenses for the legal sale of marijuana then this will affect how accessible to the general public legal marijuana will be. This is all analysts’ speculation at the moment and serves a purpose by bringing awareness to the subject. This awareness can assist in preventing patrons from turning back to the black market. If the price legal marijuana grows too high due to a number of influential factors, then users will be tempted to continue buying from the shadows.
With the growing acceptance and awareness of cannabis as a health and healing tool, more and more funds can be driven into studies of the plant and how the plant can be used to combat a number of afflictions and also how the plant could bring balance for many suffering with psychological imbalances.