Society’s perception of marijuana has changed, and with it the hesitation to be associated with marijuana use. Baby boomers are one of the biggest demographic groups in the U.S. so their greater acceptance of the drug means good things for marijuana’s overall market value.
Projections have the U.S. marijuana market hitting a value of $22 billion by 2022. However, the rapid increase of the market value as it stands may require that projection to be adjusted. A main reason the market value is increasing at an exponential rate is the growing number of baby boomers investing in marijuana as their treatment for various conditions that plague them. These conditions range from chronic pain to anxiety and Post Traumatic Stress Disorder (PTSD).
The group, along with millennials, are the driving factor behind significant market value increases. This is partially due to the change in public perception of the drug and partially due to the growing understanding of medical benefits related to marijuana use, particularly important as the boomers age and deal with more medical issues in their golden years. Meanwhile, millennials are growing up with a more accepting view of marijuana, particularly those who deal with conditions like epilepsy and experience firsthand the benefits of marijuana use.
The 2018 Farm Bill and the move to allow hemp growth in the U.S. is another driving factor in the market value increase. The Food and Drug Administration made a seeming admission with the reclassification of hemp, providing hope that marijuana will also be removed from the drug schedule classification in the near future. Marijuana legalization advocates also have hope for progress given the greater recognition of the benefits of CBD.
The hemp world is about to explode since farmers have discovered hemp strains that contain higher levels of THC, the compound responsible for addressing health issues. This discovery will lead to efforts to plant more and maximize profit from the hemp each farmer produces.
The CBD supply in the U.S. will become steady and reliable, providing some reliability to the market as well — a welcome change for customers and market participants alike.