The Future of Cannabis legalization and Business Growth in the United States 2020
The Legal Cannabis market will be worth $66.3 Billion in the coming years, as per the grand view research. Cannabis legalization in 2020 is expected to be a hot political topic.
Ever since the legalization of cannabis in the United States, demand is increasing day by day.
More and more people are becoming aware of the drug’s potential benefits.
- skin conditions
- chronic pain
- Multiple Sclerosis
- Parkinson’s disease etc.
With this increasing demand, there is a surge for the potential in owning a cannabis business.
People are looking forward to establishing themselves in the industry, as it is predicted to become one of the most profitable businesses worldwide.
However, it has its own challenges. All states have different laws and regulations as cannabis legalization 2020 is underway. In some states, cannabis is fully legalized, whereas others have strict regulations.
In this guide, we look at the current state of cannabis legalization in all states.
In addition, we have included predictions of what the cannabis industry is expected to offer by 2020.
This will make it very clear, in order to understand what this lucrative business can offer and it’s potential.
Current State of Cannabis Legalization in the United States 2019
- 11 states have fully legalized the use of cannabis.
- However, by 2020, many more states would join these states such as New York, New Mexico, Minnesota, and Illinois.
- As of now 47 out of 50, states have allowed the use of cannabis for medical/recreational purposes.
- The only three states where cannabis is strictly prohibited are South Dakota, Nebraska, and Idaho.
- 26 out of 50 states have now decriminalized cannabis under the law.
- For instance, low-THC CBD oil is the only legal form of cannabis for non-medical purposes in Alabama, Georgia, Indiana, Iowa, Kansas, Kentucky, Mississippi, New York, North Carolina, South Carolina, Tennessee, Texas, Virginia, Wisconsin, and Wyoming.
Below is the detailed breakdown of all the states and status of cannabis legalization respectively.
Cannabis Legalization in the United States: Geographical Breakdown.
|State||State of Cannabis|
|New Hampshire||Medically Legal|
|New Jersey||Medically Legal|
|New Mexico||Medically Legal|
|New York||Medically Legal|
|North Carolina||Medically Legal|
|North Dakota||Medically Legal|
|Rhode Island||Medically Legal|
|South Carolina||Medically Legal|
|West Virginia||Medically Legal|
What’s in the Future: Full Cannabis Legalization in 2020
- The global demand for cannabis products (both recreational and medicinal) predicted to grow at a rate of 17% to 23% annually.
- Careers in cannabis are expected to be more in demand. Top cannabis careers in 2020.
- The non-medical cannabis products would also see an entirely new market of cannabis users.
- As more states begin to legalize cannabis, it will become legal to cultivate, travel on planes, standardized as per the dosage forms. More people would feel safer to use the products.
- These medical conditions can range from pain management, arthritis, anorexia, anxiety, and depression.
Funding in the Cannabis Industry by 2020
- In the near future, It is predicted that the government will have a vested interest in the production of pharmaceutical-grade cannabis for medicinal purposes.
- As a result, the government is expected to invest in significant health care research funds of university-led projects (as more and more institutes like Harvard, Stanford, Berkley start dedicated research programs on cannabis).
- Philanthropic funding will also support research on Cannabis.
- Recently, Charles Broderick, an Alumni of MIT and Harvard donated a sum of $9 million to both institutes to carry forward the research on medicinal cannabis.
- With the legalization of Cannabis in the United States, such donations are expected to increase in 2020.
Top Companies in the Cannabis Business
Cara Therapeutics is a biotechnology company that produces new medicines that can provide relief from pain and Pruritus
The products manufactured to target the opioid receptors, also Cara is performing research on the use of cannabinoids for the treatment of neuropathic pain. Learn more.
Arena Pharmaceuticals is a biotech company that manufactures cannabis-infused medicines.
It is performing research and development on Arena’s APD 371 to achieve cannabis-infused biotech initiatives.
Corbus Pharmaceuticals is a cannabis biotech company.
All the research, development and manufacturing are based on cannabis drugs that can treat inflammatory, chronic, fibrotic and other diseases. Learn more.
Cronos Group Inc.
Cronos Group Inc is a Canadian cannabis company.
It owns many cannabis-related subsidiaries and licensed producers.
They received a sum of $1.8 Billion by Altria, maker of Marlboro.
It plans to use this money for continued expansion and well-established partner experience with other cannabis brands. Learn More.
Greenlane Holdings Inc.
Greenlane Holding Inc. is a cannabis company based out of Florida.
It distributes consumption accessories and vaporization equipment to retail customers in US and Canada.
It also operates via direct to the consumer E-commerce website. Learn More.
GW Pharmaceuticals is one of the most popular companies in the cannabis industry.
Currently, it is focusing on developing a variety of cannabinoid medicines.
These medicines include Sativex, Epidiolex(both are FDA approved) to treat spasticity that is related to multiple sclerosis, cancer pain, and childhood epilepsy respectively.
For the future, GW Pharmaceuticals plans to develop cannabinoid products for the treatment of autism spectrum disorders, schizophrenia, and glioma. Learn More.
Intec Pharma Ltd.
Intec Pharma is a biopharmaceutical company that is developing drugs on its proprietary accordion pill technology.
Intec’s products are cannabinoids based on drugs for lower back pain and fibromyalgia. Learn More.
Marrone Bio Innovations, Inc.
Marrone Bio Innovation makes and distributes environmentally responsible plant health products and pest management.
In the year 2017, the company announced that 3 MBII ingredients are now legal for use on cannabis crops in California. Learn More.
New Age Beverage Corp.
New Age beverage Corp is a producer of beverages developed from green tea, Kombucha, and similar ingredients.
In the past few months, the company has been expanding its product portfolio by bringing in the CBD infusions as well. Learn More.
OrganiGram Holdings Inc.
OrganiGram Holding Inc. is a Canadian cannabis producer.
It is one of the most recent companies to get registered on NASDAQ i.e. in the year 2019 itself.
The company is working at a rapid pace for expanding its production capacity and can produce approx. 113,000 Kilograms of the product by the end of 2019. Learn More.
Sundial Growers Inc.
This cannabis producer made headlines when it officially announced the launch of its new brand “Palmetto” for recreational cannabis, which would be available in Saskatchewan and Manitoba. Learn More.
Therapix Biosciences Ltd.
A special clinical-stage pharmaceutical company that focuses on the development of cannabinoid-based drugs.
Right now, Therapix’s products are targeted for treating Tourette syndrome and mild cognitive disorder.
Tilray Inc. was the first cannabis-based company that was introduced its IPO(Initial Public Offer) in the United States of America.
It mainly focuses on producing medicinal cannabis-infused products. Learn More.
Village farms International
Village Farms International is the newest stock to trade on NASDAQ.
It was first made public on 21st Feb 2019.
This company has a 10+ years-long history of greenhouse produce production and recently it has been focusing on cannabis production. Learn More.
Zynerba Pharmaceuticals Inc.
Zynerba Pharmaceuticals focuses on producing synthetic cannabinoid treatments via the transdermal (skin delivery) methods.
The current product portfolio includes two more drugs developed for symptoms such as epilepsy, osteoarthritis, fibromyalgia, fragile X syndrome, etc. Learn More.