An Overview of the Cannabis Industry and Investment Opportunities
A lot has changed about the cannabis industry since medical cannabis was first legalized in California back in 1996. Perhaps the biggest change is the country’s widespread adoption of legalized cannabis throughout several states. Recreational marijuana is currently legal in 21 states and the District of Columbia, and that list is projected to grow. States that have adopted legal cannabis are seeing increased tax revenue, job growth, and opportunities for investment.
Additionally, 39 states have legalized medical marijuana. Countless studies have shown that medical marijuana has proven effective in the areas of:
- Pain reduction
- Muscle relaxation
- Tremor reduction for those with Parkinson’s disease
- Nausea reduction
- Weight management
- PTSD symptoms
- Irritable bowel syndrome
- Wasting syndrome
Although there’s still much research to be done on cannabis as a form of medical treatment, the initial results so far are quite promising. The fact that cannabis can be used as an alternative to other (possibly addictive) medications has helped immensely in pushing the cannabis industry forward.
So, what is the state of the industry now? Is it financially stable and worth investing in? Let’s break this down.
The Current and Projected Financial State of the Cannabis Industry
According to Grand View Research, the value of the U.S. cannabis market in 2021 was $10.8B. Using a compound annual growth rate of 14.9 percent, they are projecting the cannabis market will be worth upwards of $40B by 2030. The majority of the market will be dominated by medical and recreational use cannabis with a small percentage of it being attributed to industrial hemp products.
Simply put, the cannabis industry is booming and projected to swell in value as favorable legislation continues to roll out and it’s more widely adopted as a medical treatment alternative to prescription medications. A recent example of this is how the FDA approved cannabis products such as Cesamet and Epidiolex as a way for patients to treat seizures and side effects from chemotherapy treatments.
From an investor standpoint, the cannabis industry is worth taking a serious look at considering that the medical and recreational markets are both poised for immense growth. That, of course, begs the question: “What’s the best way to get involved in the cannabis industry?”
Cannabis Testing Labs and the Cannabis Industry
When people think about investing in the cannabis industry, most jump immediately to getting into the retail side or things or getting involved in the growing and cultivating of cannabis. Those are definitely two promising areas, but we’d like to propose a third option – cannabis testing equipment.
Currently, the 2018 Farm Bill dictates that cannabis plants and their derivatives can contain no more than 0.3 percent of THC, which is the active cannabinoid that causes the “high” when imbibed. Anything exceeding that 0.3 percent figure must be legally destroyed at the grower’s expense.
This means that growers and cultivators are extremely concerned with testing their crops on a regular basis. Up until recently, their only option was to send their product off to third-party cannabis testing labs. However, there’s a few problems with this. Most cannabis testing labs have a significant backlog of testing they need to do, which makes getting back lab results in a timely fashion nearly impossible. A lot can change about the crop in between the time the sample was sent and when the results are delivered, effectively making the results out of date. The other problem is that cannabis testing labs use solvents and other products during their testing that are harmful to the environment.
However, an alternative to third-party cannabis testing labs is now available in the form of in-house cannabinoid testing equipment. This allows those in the cannabis industry to effectively test their own samples using a containment device and portable cannabis analyzer. Not only is this more convenient for growers and cultivators, it’s also more eco-friendly because these products do not use solvents or chemicals that are harmful to the environment.
How to Get Cannabinoid Testing Equipment from Elite Robotics
If you happen to be on the growing and cultivating side of things, the good news is that third-party cannabis testing labs are no longer your only option to test your crops. Elite Robotics is proud to offer those in the cannabis industry with reliable cannabinoid testing equipment so they can have their very own in-house lab.
As part of our Cannabots offering, we provide two products that are used for safe and accurate cannabis testing. The first product is a cannabis containment device that securely holds cannabis samples until they’re ready to be tested. The second product is a cannabis analyzer that shows purity levels, cannabinoid readings, and other attributes of the sample.
Learn more about our cannabis testing equipment or become an investor by contacting Elite Robotics at (805) 987-6217. Or send us a message directly using our contact form.