Cannabis Industry and Economic Boom - Could this be the Saviour that is Needed?

The Cannabis Industry has always been on the see-saw when it comes to rules, regulations, and the general public acceptance. Even though we have come far away from what the situation was a few years ago, there is still a considerable amount of stigma involved with the usage of the 'drug'. However, on the good news front, we have the medical industry tapping into the potential of the herb. extracting the benefits it offers, and allowing more audience to take advantage of it.

The green herb has fought its way from the dark, desolated corner to become the talk of the town. From the young generation looking to get 'high' to the old ones that need to get rid of that throbbing knee pain, it seems that cannabis has impressed all of us. With many countries easing their stringent rules and one-path mindset, there are more solid researches, strongly backed-up claims, and open talk regarding the goodness of the Marijuana plant.

On the other side of life, we have a pandemic over us that has led to worldwide lockdown, augmented fear, and the bloom of the virtual world. The entire world flipped so hastily that it seems nothing was ever normal. Nevertheless, we saw the biggest market crash, the wealthiest businesses go out of work, and many countries facing the brunt of recession. But alas, as they say, you can always spot a ray of sunshine, even in the bleakest hour.

While most of the businesses were struggling to stay afloat on the water, the cannabis market saw the biggest unfold of the decade with their sales expected to cross $47.2 billion by 2025 (Predicted by BDSA). A part of the boom in cannabis sales during the Covid-19 period was attributed to the scare buying and hoarding as a magnitude of people were dependent on the herb for the prevention or treatment of their ailment.

After the spike in March 2020, there was some settlement, which was followed by the 4/20 observance spike. However, this too was larger and bigger than what was observed in 2019, almost a whopping 40% increase. As the cannabis industry boomed during the recessive period, researchers also started exploring and curating a strain that would prevent or help cure the Covid-19 Virus. Although this requires much extensive research, lab tests, and trial phases, it did pump up the already upward graph of cannabis popularity.
Surely, there were no solid claims to declare that cannabis could help you through the pandemic, but it seemed like it became a coping mechanism for a lot of people.

The Cannabis-industry breakthrough in the bleakest time is also attributed to the legalization of the drug in many countries, increased positive research of the herb, and the development of cannabis-based products.

But the biggest question here remains unanswered - Is the UK prepared to give way to the cannabis industry which would necessitate the much-needed push to the economy?

The Democrats win in the USA has opened doors for the cannabis industry, with Joe Biden declaring his intention to reform cannabis legalization in the USA. This has led to rushing investment, rising cannabis businesses on the stock market, and a surge in the demand for cannabis products. The stressful and spiralling situation of Covid-19 drove an increase in stress, depression, anxiety and other symptoms which found relief in the miracle CBD products. Head Shops in the UK have started stocking their shelf with high-quality CBD products to cater to the demands of the public.
As more people realize the goodness of the green herbs, pharmaceuticals and ambitious investors are looking to finance their move into the market. In fact, the emerging synthetic CBD industry is of keen interest to the investors as it would allow them to evade the stringent WADA rules which restrict THC and other cannabinoids in CBD products.

The benefit here is not just limited to the big corporates and pharmaceuticals giant, but an entirely new industry would bring in a wide range of jobs from lab technicians to farmers, lawyers, researchers, and much more. This trend was earlier noticed in other countries and the current pandemic situation and the implication of Brexit could seek to benefit from the new employment. With the current expansion and the trend of the cannabis industry, the UK can be the next global leader in research and development if it takes the necessary steps needed to ensure a controlled market, quality products, and encourage smaller businesses to tap into the market instead of favouring the 'big pharma'.

The current scenario allows only companies to operate if they ignore the rules, or have enough bank balance that they can afford the full compliance, creating very biased opportunities and regulations. If the UK wants to lead the world with their futuristic cannabis products and research, it becomes extremely necessary to lay out better and clear rules, while ensuring the citizens that they won't have to go to the black market and low-quality products just to experience the advantages of the natural herb. Furthermore, the outdated political discourse surrounding cannabis needs to be addressed too.

In the end, as the cannabis industry can save the dipping economy after Covid-19 and Brexit, it is time the UK government invest in the profitable industry and make a fair game for everyone. Greenlight to the green herb could just be the thing we need to see sprouting growth and rising numbers.