Without a doubt, the legalization of marijuana is an exciting new development. Two states have full legalization, and others are weighing the benefits and drawbacks, with more states potentially legalizing over the next several election cycles. But what has many in the business world excited about prohibition ending isn’t that people can freely use cannabis as they want, but the other potential applications that plant has.
Hemp, marijuana’s non-psychoactive cousin, may be the panacea for many problems the economy faces. Not only is it relatively cheap and easy to grow, but it’s also one of the most versatile and easy-to-apply materials in the world. Farmers can generate several crops per year, and its malleability allows it to be used in a variety of different ways. Of course, this is simply one other reason to get excited about legalization, but the potential economic effects could be incredible.
There are obvious industries that look to grow and profit in a big way from marijuana legalization, and others that see it as a large threat. But if current political trends continue to develop as they have over the past couple of years, it looks like legalization is set to sweep the country. What does that mean for business and the economy at large? Probably good things.
So, what industries specifically could see a big benefit to marijuana legalization? With the wide range of applications that cannabis poses as both a consumable and as a usable material, there are several. Read on to see which seven stand out.