BY: Chronic Staff | Recent News | October 17, 2021
Twenty-five years ago, California became the first state to legalize cannabis for medical use when voters passed the Compassionate Use Act of 1996. Marijuana has come a long way in a quite short period of time.
The nation’s medical marijuana bill followed decades of efforts to destigmatize marijuana after it was classified as a drug in 1970 when congress passed the Controlled substances act in 2021. A majority of the citizens live in the states where some form of marijuana consumption is legal and companies that grow and sell pot trade in major US stock exchanges such as NASDAQ.
Potential marijuana industry investors might want to focus on the expanding U.S. market, already worth $20 billion a year.
Cannabis cultivation dates back to plants growing naturally in various regions of the world. Uses have varied over time, from herbal medicines to hemp-based textiles made in the early days of the United States. Today, cannabis is utilized for medical and recreational purposes.
The most widely known uses are cannabidiol (CBD) and Delta-9-Tetrahydrocannabinol (THC). Both are known to provide anti-inflammatory, analgesic effects, natural sleep aids, and appetite boosters. These are medically used for people suffering from cancer, multiple sclerosis, HIV/AIDS, Crohn's disease, and beyond. There are even cannabinoid-based medicines approved by the FDA for the treatment of childhood seizures associated with multiple syndromes.
While maintaining enough distance to help attract institutional investment, there are firms currently providing exposure to legal marijuana. This theoretically provides great stability amid current legal grey areas in the U.S. Cannabis growers have hydroponic techniques to pick from depending on space, time, and knowledge which give way to sales and growth potential.
The global hydroponics market hit around $10 billion in 2020 and is expected to hit over $22 billion in 2028. The U.S. vertical farming industry is estimated to come in at $32 billion by 2030 with a CAGR of 25%.