The Boom Hitting the Cannabis Industry

The Boom Hitting the Cannabis Industry

- in Technology

Cannabis plants consist of many parts that can be used. With the increased promotion of the legal use of marijuana for recreational and medicinal purposes made from the leaves of the plant, questions remain about what happens to the rest of the plant as well as how it can be used for something good. Additionally, many wonder what the changes in law will do for supplemental equipment suppliers as the increase of recreational use of marijuana continues. It’s important that marijuana and hemp vendors along with equipment suppliers are aware of the opportunities that are about to hit their industry.

The cannabis plant consists of the leaves that contain THC, the ingredient that gets individuals high, and the stems that contain CBD, cannabidiol, that can be used for other medicinal purposes. Hemp is similar. According to a recent Forbes article, the market for CBD is going to boom from this year forward for plant remnants. That means that supplemental equipment suppliers can also expect an increase in revenue.

By 2020 Forbes estimates that marijuana and hemp-based industries will become a $2.1 billion market. The 700% increase from 2016 is based on the $202 million revenue reports turned in at the end of last year by vendors. Greenwave Advisors Representative, Matt Karnes, stated recently “Right now there are 15 states that allow CBD only–this is in addition to the 28 states plus DC that have legalized medical marijuana.” In addition, seven states in the U.S. along with the District of Columbia have adopted expansive laws that legalized the recreational use of marijuana.

One huge change is the increased use of the plants for medical purposes. The plants are processed in order to extract an oil that is used in lieu of the leaves as is traditional for individuals with prescriptions. A recent study, however, found that 38% of individuals agreed to try CBD instead because it is non-psychoactive yet has many medical benefits.

CBD can come in the form of oil, capsules, gum, tinctures and topicals. The oil is the purest and strongest option because it is made into a concentrated form. It can be taken orally, but tastes really bad so is usually mixed in with foods that contain strong flavors, or through a vaporizer. Tinctures, on the other hand, are flavored and dripped under the tongue for immediate activation. Topicals are balms, creams and lotions that are extremely handy because they can target a problem like a bad back or knees without ingestion. Finally, capsules and gums are handy for those that need something while on the go. However, they are less advantageous when it comes to dosage control.

Since the approval of the use of medical marijuana in 2013, much has changed. For example, originally the cost was $1.25 per mg. whereas today it runs an average of 3-4 cents per mg.. Due to this factor volume in sales have increased dramatically. By 2014 sales had grown to $14.5 million even with increased competition. For users that remain fond of the traditional inhaling method, knowing where to look for the best supplemental equipment supplies is important.

The best suppliers carry a variety of products that allow individuals to choose between leaf smoking and the use of oils such as For example, an oil rig can turn the CBD oil into a vapor that can be inhaled. They will also have important information that will ensure individuals using the products stay safe while achieving the desired outcome with the equipment. For suppliers, it’s important to note that the industry is about to experience a huge boom in CBD use and may need to add to their supply list in order to accommodate future needs.

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