HOW LEGALIZED CANNABIS HAS NEGATIVELY AFFECTED OTHER BUSINESSES
- December 13, 2019
Consider that researchers have projected the international marijuana industry will soon be worth an estimated $31.4 billion by 2021. This statistic alone reveals just how much of an impact this drug has made not on the entire world. As of March 2018, thirty U.S. states have legalized the drug, while Canada is preparing to legalize the drug fully on October 17, 2018. However, every success is matched with a loss. The “weed industry,” so to speak, has become a literal and figurative gold mine for the globe. So you will not be surprised to learn that profitable business sectors are falling in the wake of legalized cannabis. Let’s take a look at three industries directly impacted by cannabis legalization.
A simple walk through downtown Los Angeles will open your eyes up to a multitude of advertisements for cannabidiol (CBD) products, including gummy bears and CBD skin oil. As of 2017, this calming (non-psychoactive) portion of the plant has become the second most popular trend for beauty and wellness. Doctors claim the cannabinoid can alleviate pain and anxiety. Meanwhile, in international locations, Sephora has started offering CBD brow gel and mascara. Sales in this sector are expected to increase to $1.9 billion in 2022.
Pot brownies and chocolate chip cookies are nothing new, of course. Still, the cannabis-laced foods called edibles keep growing in popularity as an alternative for consumption. In 2016, California reported a staggering $180 million in marijuana edible and drink sales, jumping from 10% to 18% of total cannabis sales in the state in 2018. Meanwhile, Colorado (another state that fully legalized the drug) experienced an incredible 121% increase in edibles sales in 2016. However, the sales of edibles are still restricted, even in the states with less rigorous laws.
Last but certainly not least, one of the industries that have been the most negatively impacted by legalized cannabis is the alcohol industry. In fact, researchers have projected that the beer industry alone may suffer from a $2 billion decrease as a result. Once Colorado fully legalized the drug in 2014, tax revenues for cannabis stretched above alcohol revenues. Even more interesting, binge drinking seems to have diminished in regions that have legalized marijuana.
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