You will be surprised to know, cannabis is acknowledged as one of the fastest-growing plants in the world. A lot of people also believe that this plant was the first-ever discovered by mankind. It was only during 2014 and 2018 that the sales of this plant recorded the highest percentage of growth. Currently, this plant stands concrete with a staggering net worth of around $1 billion but is expected to cross the $5 billion mark in the near future. If you buy an interest in the marijuana industry, you must have witnessed a changing trend in its production. Although this plant is legal in many parts of the globe, it is still a major part of the black market. This is the main reason why a lot of experts believe that the calculated net worth is an underrated figure.
You must understand that the black marijuana market is here to stay. The illicit sales of marijuana jumped from $1 billion to $8.7 billion in a short time. A current estimate by the Scotiabank concluded that black markets are responsible for more than 70% of the world’s marijuana industry. Here are three reasons why this black industry won’t go away anytime soon:
Keep in mind, the rampant growth of marijuana has compelled suppliers to import this plant from different vendors across the globe. Secondly, you need to understand the health regulations about the cultivation, processing, and selling of this plant. It is essential for you to know that there are several states that have not yet joined the bandwagon to sell this plant for medical reasons. The skyrocketing demand of this plant compelled the government to restrain its production and possession. That said, things have quite improved from the past since there are now even cannabis banking solutions.
Regulatory Enforcement is Not Tough
The truth be told, the regulatory enforcement hasn’t worked actively to drive out the black market for marijuana. According to a recent survey, it has been found that more than 3000 unlicensed active sellers of marijuana on the web throughout the US and Canada. This means both countries have failed to cut down the power of illegal sellers.
As a responsible citizen, it is your responsibility to report any such illegal vendor to the state authorities. Unless regulatory enforcements come in full action, it will be difficult to curtail the strength of unlicensed sellers. This is the main reason the calculated net worth of legal hemp is acknowledged as underrated.
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Slow Dispensary Approval Process in North America
Another strong reason that has allowed black markets to operate without any fear is the long procedure of pharmacy licensing of this plant both, in North America and Europe. Despite this plant being used for recreational purposes, the demand for it doesn’t seem to come down anytime soon. Shockingly, many regulators in California are still working relentlessly to ban this plant.
This state has just one pharmacy that sells a limited stock of marijuana. So when legal marijuana is not available for the customers, they have other ways to get what they want. Furthermore, people who are addicted to marijuana will go the extra mile to purchase this plant from anywhere online.