It is no secret the multimillion-dollar figures that alcohol and tobacco earn annually for their owners. But currently, there is an industry that projects higher profits than either of those, the cannabis industry.
You might ask why we're comparing cannabis with the tobacco and liquor industries. You see, Because these sectors had certain restrictions on their possession and consumption and were even banned for some time. Let's remember the Volstead law in the United States, which established a dry law of thirteen years from 1920 until December 5, 1933.
This shows us how essential industries are for the economy. Yet at some point, they also had to fight against significant restrictions. The historical background of the three sectors is similar. However, an important variable prioritizes Cannabis over the others: It is medicinal.
Currently, the Cannabis Industry has 75 million active legal consumers, a figure that is divided between people who buy products for medicinal purposes, and those who obtain them for recreational purposes.
While most Latin American countries and some European countries remain outside the industry, Canada and Uruguay, which have approved the recreational use of the plant, have taken economic advantage of it. Canada has 5 million consumers, and the profits from the industry amount to over 6,000 million dollars. Some of the Canadian companies listed on the big US exchanges are Cronos Group (CRON), Canopy Growth, Tylari, and Aurora Cannabis.
The company, Brightfield group, responsible for conducting market research and economic analysis, expects that sales in Latin America in 2023 could reach $563 million U.S, of which 80% would come from the CBD.
The potential of the products and trades that the cannabis industry originates goes beyond the medicinal and recreational nature. However, they are the sources of higher income, and hemp could economically benefit other industries by increasing job opportunities within them.
Next, we will talk about the industries in which cannabis can have great and positive participation:
The construction material known as concrete can be replaced by hemp bricks and lime mixtures, being possible to construct buildings of up to 6 floors. They are as resistant as the normally used bricks but infinitely more ecological. In countries like the United States where houses are made of wood, hemp is used as insulation and is mold proof and non-flammable
The use of hemp for the manufacture of textiles is, next to the paper. perhaps the oldest use of the plant. Hemp is a natural product. This material can be used to manufacture fabrics and is more sustainable than manufacturing fabrics from cotton.
Cannabis has considerable levels of Vitamin E, a good source of amino acids, providing natural antioxidants to cosmetics preventing clogging of the pores of the skin. Antioxidants help the body eliminate free radicals that accelerate aging and can be introduced into products such as Makeup, dyes and treatments, perfumes, and lotions.
Hemp paper is a sustainable option to replace conventional paper. The amount of paper produced by 4.1 hectares of trees is produced with only one hectare of hemp. Also, hemp only takes 60 to 90 days to grow.
- The plastic:
Plastics are mostly made of cellulose material that is generally obtained from petroleum. However, this is not the only source of cellulose. Hemp has a concentration of 85% cellulose. This option is more environmentally friendly and makes hemp an ideal alternative to replace plastic.
Biodiesel is obtained by extracting the oil from the hemp seeds. While in turn, the ethanol and methanol are removed from the stems, and fermentation of plant remains.
- Culinary Industry
In countries and above all, states of the USA where its recreational or therapeutic use is legal. Cannabis is used as a scented herb, such as basil and oregano, It is even used as a tranquilizer for lobsters so that they do not suffer when they are cooked alive, as is the famous case of the Charlotte's Legendary Lobster Pound restaurant.
These are some aspects in which hemp and cannabis can be used to give rise to innovation or renewal of business. We cannot ignore that cannabis, as an industry, represents job opportunities in the health industry, budtenders, manufacturing companies, cultivation centers, owners of equipment for mass cultivation, labor, pharmaceutical industry, researchers, engineers, agronomists, and even graphic designers and experts in digital marketing.
Now that you know the industries in which you can start your next business, it's a matter of building an infallible Business Plan then get going!
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