Updated: Jan 17, 2019
Below is an excerpt from my book, PIVOT - 20 Trends For 2020 That Will Change Your Life Forever...and what you can do about it
Cannabis Will Be a Trillion Dollar Industry
As I write this, 10 states and Washington D.C. have legalized marijuana for recreational use and 23 other states have legalized marijuana (in some form) for medicinal purposes. And with Canada legalizing marijuana and cannabinoids for recreational use in October 2018, other countries are following suit. We are seeing the beginnings of a trillion dollar industry that will have massive impact on the U.S. (and global) economy.
The emerging industry took in nearly $9 billion in U.S. sales in 2017, according to Tom Adams, managing director of BDS Analytics, which tracks the cannabis industry. Those sales numbers are equivalent to the entire snack bar industry. And that was before California recently opened its massive retail market. The addition of the Golden State is huge for the industry and Adams estimates that U.S. marijuana sales will rise to $11 billion in 2018, and to $21 billion in 2021.
Marijuana dispensaries are popping up all over these early adopter states, but I believe the more explosive industry will be cannabis-infused edibles and other products. Everything from chocolate bars to granola to cookies to coffee will have micro-doses (as low as 2.5 mg) of THC and Cannabidiol (CBD), which is a cannabis compound that has some possible medical benefits, but does not make people feel “high.” It can be ingested for the treatment of pain, inflammation and anxiety along with a variety of other physical and mental conditions.
While there are still many issues to be ironed out over the next 10 years, like federal banking laws, trademarks, patents and taxes, the industry has started rolling (no pun intended) and there are billions of reasons why it won’t stop, in spite of the political pandering that will stifle progress now and then. Once the politicians on both sides of the aisle figure out they can make money and there are huge political donations to be had, you’ll see the most conservative of our “public servants” touting how CBD infused breath mints are eliminating their lower back pain!
The cannabis industry will also be a collision point for other 2020 trends...pushing the total economic impact into the trillions of dollars! Because it is becoming a legal industry, its products will be produced, shipped, tracked, marketed, bought and sold using all of the same technologies and trends that are transforming other industries. I have absolutely no doubt in my mind that within the next few years brownies, containing a micro-dose of THC, that were bought on Amazon, using crypto-currency, will be delivered via an autonomous driving vehicle to a guy that confirms receipt via a retinal scan through his augmented reality glasses!
2020 Pivot - Cannabis Industry - Personal, Career and Investment Opportunities
Prep for Legalization - If you don’t live in a state where recreational marijuana is legal yet, do your homework on your state’s plans and prepare yourself to take advantage of the opportunity when the laws are passed, because they will be passed. States will simply not have a choice. They have to find a way to generate massive revenue to help alleviated the crushing financial impact our broken healthcare system has had on our economy.
Get Involved - If you do live in a state where recreational marijuana is legal, do an inventory of your current skill set and see where it can be applied to this new economic opportunity. IT, marketing, logistics, packaging, retail and food prep are all industries that will have new opportunities available.
Distribution - If you are in retail, open a dispensary.
Product Design - If you produce specialty food items or drinks, create a product with a micro-dose of THC.
Earth’s Medicine - If you are a health professional, educate yourself on the physical and mental health benefits associated with cannabis usage.
Weed Social - If you are a marketing professional or a graphic designer, become an expert in branding for the cannabis industry.
Green Thumb - If you own a small farm or a greenhouse, become a grower.
Go Green(backs) - If you working in finance, educate your clients on the companies that will experience huge growth because of cannabis sales and secondary market companies that will benefit because of the new industry as a whole.
New Career - Lastly, if you’re tired of your career, take a leap and educate yourself on the entire cannabis industry and choose multiple points of entry. New trillion dollar industries don’t come along every year.
Along with new career opportunities, there will be a multitude of cannabis investment opportunities for you to consider. Many of these companies are already public companies, so if you want to invest during the early stages, you should do your due diligence and make an investment now (invest at your own risk):
New Age Beverages Corporation
Altria Group Inc.
The Coca-Cola Company
If you'd like to read more about important trends for 2020, you can purchase my book from Amazon!