4 Reasons Why 2020 Will Be An Enormous Year For The Global Cannabis Industry
The last 25 years have seen the cannabis movement and support for reform go from being labeled as ‘political suicide’ by political pundits to becoming a mainstream political issue with overwhelming support from aspiring candidates and incumbents. The legal cannabis industry is larger than ever before, and by most measures is still just getting started.
Every year of the 2010s built on the previous year a cannabis movement momentum standpoint, and momentum for reform accelerated with each passing New Year’s Day. 2019, which by many accounts was not supposed to be a big year since it’s an off-election-year in many jurisdictions, proved to be a tremendously significant year for cannabis.
2020 is already shaping up to be the biggest year for the cannabis reform movement and emerging cannabis industry to-date, and we are just barely wrapping up the third week of the year. Below are 4 reasons why 2020 will be the biggest year for cannabis in modern history.
Adult-Use Legalization is Spreading
As it stands right now, Canada and Uruguay are the only two countries on earth that have implemented an adult-use cannabis law and related regulations. However, two other countries, Mexico and Italy, now have case law on the books that have struck down adult-use cannabis prohibition. This year those countries are expected to pass legislation to back up the court decisions, and that will be significant. With the list of legal countries doubling in 2020, it could influence other countries to take a harder look at joining the list and getting on the right side of history.
Cannabis Policy in the United States is at a Crucial Crossroad
If the United States has not already passed the tipping point for cannabis reform, 2020 will definitely be the year when it happens. Cannabis reform is reaching to the most conservative parts of the country, with medical cannabis having already made the ballot in Mississippi and is expected to appear on the ballot in Idaho on Election Day as well. Virtually every presidential candidate has expressed support for adult-use legalization, and several state legislatures are expected to pass reform measures this session. 2020 is doubtful from a federal legalization standpoint in the U.S., however, it’s less doubtful than it has been in modern history, and tailored reform measures, such as cannabis industry banking, have a great chance of being approved by federal lawmakers this year.
The Industry is Booming
The legal international cannabis industry is growing in size every single day, and at a tremendous rate at that. Reform measures in new markets are being explored with greater focus than ever before, established markets are maturing, and international imports and exports are ramping up in many countries with more on the way. The cannabis industry is more attractive now to investors than in years past, and opportunities are popping up for entrepreneurs on every continent in one form or another. The emerging CBD industry gets a lot of media attention these days, and rightfully so, however, the THC sector is becoming more and more accepted as stigma continues to fade. 2020 will no doubt be a monster year for the cannabis industry, and that will help further build momentum for global reform efforts.
Innovation is Coming
Now that the cannabis industry has gone mainstream and proven itself to be here to stay, investors are not only supporting cannabis cultivation and retail operations but also efforts to revolutionize the cannabis industry from a technology standpoint. Israel recently launched the first state-backed cannabis technology incubator, and it’s likely that other countries will eventually follow suit. Inventors and innovators are focusing hard on cannabis-related projects right now, and its likely impact on the cannabis industry will be on display across the globe throughout 2020. Don’t be surprised to see a lot of cannabis technology breakthroughs this year.
