The retail cannabis industry is growing fast, $75 billion by 2030 fast.
But let’s look at the nearer future. According to Arcview Market Research and BDS Analytics, by 2021 the cannabis market is expected to reach $24.5 billion. Currently, cannabis is legal in 9 states for recreational use while 30 states have legalized cannabis for medical usage.
With such a high market growth expectancy, dispensaries sell a variety of cannabis products in the forms of hash, rosin, shatter, and oils which can be smoked or vaped. In addition, as many are aware, cannabis is also sold in the forms of candy and baked goods. As for pharmaceutical use, cannabis contains cannabidiol (CBD) which when used in the form of candy or oil aids in the treatment of pain and epilepsy. Now that sounds pretty good.
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There’s no doubt that cannabis has health benefits that aid in the relief of:
- Muscle spasms
- Dravet’s Syndrome
- Mental health symptoms
But what about benefits for businesses?
Well, as was mentioned earlier, legal cannabis reached $9.7 billion in sales in 2017.
But let’s dig a little deeper into the facts and figures…
By 2021, marijuana sales are expected to reach a whopping $24.5 billion. Younger generations are turning to cannabis consumption and slowly turning away from alcohol. This has resulted in a decrease in binge drinking, 9% below the nation’s average, in the states where marijuana is legalized. Funnily enough, the industry’s sales will be led by people 55 and older. With such a diverse market, the cannabis industry is opening up multiple opportunities for businesses to flourish.
The increased popularity, and acceptance, of the cannabis industry is leading to the establishment of more small businesses with an increase in employment opportunities. With cannabis stores becoming more common in legalized states, the industry of creating products to efficiently, and legally, weigh and sell marijuana to meet regulations are necessary for the success of the business. Additionally, with cannabis being legalized all over Canada, there may even be a possibility that the East coast will speed up its state adoption for recreational use.
Regardless, cannabis is creating a diverse industry that includes the need for different markets to ensure its success, thus providing a positive impact on the nation’s economy.
The Cannabis POS Industry
With Cannabis creating such a diverse industry, it only makes sense that businesses will need reliable POS systems…
Keep in mind that the cannabis industry is different than your average retail business.
There are multiple rules and regulations that need to be followed in order to ensure that your business is legal. Here are some key points to remember when choosing your POS system:
- Cannabis is a cash business
- Sensitive scales are a necessity
- Labels are regulated
- Receipts are essential