The cannabis industry stays hot due to the increasing number of states where cannabis and hemp are legalized in the U.S. and in Canada.
According to PR Newswire, the market is expected to hit $25 billion by 2025. The major driver for this is the cannabidiol-based (CBD) products, which are popular commodities right now. President Donald Trump vowed to protect the interests of legal cannabis firms amid stricter policies against illegal cannabis companies and products.
When it comes to legal and safe CBD products, nobody does it better than PotNetwork Holdings, Inc. (OTCMKTS:POTN). The company owns Diamond CBD, which is responsible in providing a wide array of CBD products such as Vape Additives, Liquid Gold Vape Juice, Chill CBD Gummies, Diamond CBD Tinctures and Biotech Creams. Diamond CBD also offers pet supplements for cats and dogs.
During the recently concluded Atlantic City Convention Center, cannabis fans, vendors, and enthusiasts feasted on 25,000 samples of CBD-infused assorted gummy bears. The company is benefitting from a revamped website where it is more convenient for customers to order CBD products online.
In February, Diamond CBD made headlines as it recorded more than $500,000 in website-generated orders alone. The cleaner and the user-friendly website contains all the necessary information customers, old and new, need. For transparency and safety, Diamond CBD also displays the results of independent lab tests on its products to make sure that they are all 100 percent THC-free. While CBD is legal in all U.S. states, THC is still prohibited because of its components that can result in hallucinations.
As Business Insider notes, recreational marijuana is legal in nine states and medical marijuana is legal in 29 states. As more states are allowing the use of medical marijuana, interests will only pick up and popularity will only increase. A poll results showed more than 60 percent of Americans favor the marijuana legalization.
Last year, North America registered $9.7 billion in legal marijuana sales. The numbers represent a 33 percent increase from 2016. By 2021, it is projected the sales will reach $24.5 billion. The growth has been tremendous, especially in Canada after its prime minister introduced a bill that legalized cannabis for recreational use.
The thriving business aspect of the cannabis community makes it lucrative for investors searching for markets that are imminent for a breakout. Online sales remain crucial in driving the success and growth of cannabis industry. David Friedman, head of cannabis venture capital Panther Opportunity Fund, thinks Canada’s advantage is having a single platform for cannabis sales: Shopify. Friedman wants to see how everything pans out.
“If I had to guess, the other provinces will probably wait to see how the partnership plays out before they decide what to do. What is unique about Ontario is that they have elected to operate only government-run marijuana sales, making a partnership like this with a centralized vendor management system much more feasible. Other provinces are taking a more hands-off approach which will make a partnership a lot more difficult,” he added.
States, where marijuana use is legalized, can also benefit from tax revenues, which can be used to fund education drives, community building, and projects for the homeless.
Right now, Canada is leading the way on how it is supposed to be done. Soon, the U.S. will follow as more states have been more welcoming to legalized marijuana use.