Legal Marijuana or IoT (The Internet of Things)- which is Larger?
April 25, 2019 | Legal Marijuana or The Internet of Things - which is Larger?
By, Lauraine Kanders, ANP, ACNP-BC
For those who came in late, IoT (The Internet of Things - now that’s your toaster talking to your fridge via the WiFi or your smart pantry closet messaging your Super Store for supplies on its own) is a lifestyle shakeup. So, Legal Marijuana or IoT - which is Larger? Let me lay it out upfront. Legal Marijuana wins by far here over even IoT. At least, so far.
Absolutely nothing in the world today (and I mean nothing at all), not smart devices, automotives, aerospace, property, gold, oil, software apps, biotechnology, nothing ... is growing as much or as quick as the market for legal marijuana. Think I am biased? Read on..
What does the Market indicate?
Consider this: The market for legal marijuana will top $22.8 billion (not million, but billion with a B) in just a year, by 2020, and will be $ 146.4 billion by 2025. This means the legal market for cannabis "might be larger than the National Football League, which saw $12 billion of earnings in 2015. Between 2016 and 2029, the projected growth of cannabis is expected to cross $100 billion (conservative estimates!) - that's a stupendous 1,308% growth rate!
What about Adoption by Users?
Estimates put the number of infrequent marijuana users at about 50 million people. As many as 7.6 million indulge on a daily basis, and one in seven U.S. adults used marijuana in 2017. Out of the 83.3 million millennials, 68% of them desire cannabis to be legal and readily available. Since legalization is now spreading across all states, lots of already established companies - in the tobacco industry, in agriculture and watering, in pharmaceuticals - are planning to jump in, if not done so already. And if you need more evidence that marijuana is going mainstream, consider this ....
What’s the vote on this trend?
On Nov 8th, 2015, countless Americans in 9 US states headed to the surveys and voted on the future of marijuana. California, Massachusetts, Maine and Nevada voted to legalize recreational marijuana. And citizens in Arkansas, Florida, North Dakota and Montana voted to legalize medical marijuana. Only Arizona, where recreational marijuana was up for a vote, decided against legalization. Leaving out Arizona, these 8 states represent a total population of 75 million people. That's 20% of the population - the message is clear: on Aug 9th, one in every five Americans woke up to either medical and/or recreational marijuana being considered legal for adults 21 and over in their state! And of recent, we have MMJ legalized in over 33 states so far in 2019. Proves the trend is going only one way! Up..
Well, what about popular Culture?
Even Hollywood celebrities are chiming in. You may already know about rapper Snoop Dogg's weed-related business raising $45 million. So also with country music legend Willie Nelson raising $12 million, and actor and comedian Tommy Chong. But, did you also know that Grammy Award winning singer, Melissa Etheridge is developing her own line of cannabis-infused wine? Or that TV talk show host Whoopi Goldberg is releasing a line of medical cannabis products for women? And guess what? People listen to Hollywood icons and have traditionally followed the TV sitcoms.
In July 2016, Variety had announced that Netflix will air a comedy called DisJointed, with the episodes set inside a legal pot dispensary. TELEVISION genius Chuck Lorre, creator of such mainstream blockbusters as The Big Bang Theory and Two and a Half Men, is the brainchild behind this pot based comedy show..
Is this just local, or beyond the US as well?
Quinnipiac University conducted a survey that found that 89 % of citizens in the United States think that grownups ought to be permitted legal access to medical cannabis when a medical professional recommends it. And the U.S.A. is not the only nation loosening the reins and going legal on marijuana. Israel, Canada, Spain, Mexico, Australia, Uruguay, Jamaica, Germany and Columbia (amongst 24 others) have actually legalized usage and possession of marijuana.
The Historically, since 1972, marijuana has been deemed as a Schedule 1 controlled substance. Schedule 1 drugs are those considered unfit for medical use due to a potential for being abused. This means, as a Schedule 1 drug, cannabis or marijuana is clubbed with heroin, LSD, and ecstasy. But in the face of growing pressure from the medical professionals like practicing doctors and practitioners, medical researchers, state governments and Congress, the Drug Enforcement Agency (DEA) is under pressure to downgrade marijuana to a Schedule II drug.
What’s the indication from the medical field?
According to the U.S. Census Bureau, by 2030, one fifth of the population - about 72 million Americans - will be 65 or older. By then, these Child Boomers will face a host of age-related ailments, such as glaucoma, cancer, arthritis and back pain. Now, cannabis-based remedies are especially known to be suited to dealing with such illness. This means that as the senior population grows, so will the size of the medical marijuana market. Social approval of marijuana will grow too, as millions of people discover the advantages of medical marijuana for themselves. When that happens, a single marijuana dispensary might generate more than $676 million a year.
Anything else that indicates a growing interest than just some pills?
Know what? Not all of the money in the dispensaries comes from the sale of weed itself. Have you heard about things like "pot brownies."? Well, the market for cannabis "edibles" will go far beyond that. There are weed desserts and weed energy drinks and even, weed distilleries!
For those averse to inhaling smoke, there are THC-filled pills, lip balms, hash bath oils, topical creams, and even THC patch-ons that provide "accurate dosing". Thirsty users can delight in THC-infused coffees, sodas, and sparkling waters. Aside from the market boom in recreational marijuana, medical marijuana and derivatives have also been seeing vigorous growth, and for good reason.
Is Marijuana the real deal in certain medical conditions?
Cancer clients going through chemo or radiation therapy, typically lose their hunger and have sensitive stomachs. But if they don't eat well, these treatments are rendered sub-optimal and become less effective. Marijuana has been clinically proven to stimulate the cravings and settle the stomach. There is likewise marijuana oil that can be used to treat epilepsy, multiple sclerosis, some cancers, and even rheumatoid arthritis. The oil is also helpful for sleeping disorders. Brain cells determine our experiences, thoughts, and actions, sending out signals that activate hunger and appetite. Marijuana appears to influence such signals.
The Verdict then ...
So, as you can see, Legal Marijuana is here to stay and is growing by leaps and bounds in both adoption and popular culture in our society. It is something that is on par with a new revolution.
You decide which impacts you more, the internet of things or legal marijuana?.
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