By Michelle Rizzio
California’s cannabis industry is currently leading the U.S cannabis market. The industry is currently expected to be worth $3.1 billion this year. Amidst tightened enforcement by the Bureau of Cannabis Control, the legal market is expected to triple as illicit shops are forced to conform or cease activity. Clearly due to the biodiversity and weather in California, cultivation allows the state to be lucrative to out of state companies. California was the first state to legalize cannabis for medicinal purposes and culturally has served as a hub for cannabis lovers over the decades.
The creator of the scaling in California comes to the demand for the pristine cannabis that can be cultivated in the state’s northern hills. Something about the microbial life and the terroir of northern California develops a strong terpene profile in the cannabis plant. The demand for this quality of cannabis has created excitement and continued scaling of existing cultivation operations as well as new cannabis cultivation facilities opening throughout the states.
In light of current health hazards amidst unlicensed vape pens, the enforcement on unlicensed cannabis dispensaries has grown, making the market ripe for more counties to adopt cannabis laws across the state of California. This puts an emphasis off of the cartridge market in the cannabis industry and plainly onto the flower market. With dispensaries losing sales on vape cartridges, flower is taking center stage and making the investment in cultivation by outside cannabis companies lucrative.
The impact of the quality of Californian cannabis, the health hazards amidst vape cartridges, and California’s long history with cannabis makes the Californian market one to closely begin to pay attention to. Major players such as Cannabis Strategic Ventures (OTCQB:NUGS), Acreage Holdings Inc. (OTCQX:ACRGF), Green Thumb Industries Inc. (CSE:GTII) (OTCQZ:GTBIF), Halo Labs Inc (OTCQX:AGEEF), and Cresco Labs Inc (CSE:CL)(OTCQX:CRLBF) are entering the market and would be wise to keep an eye on if you’d like to get a piece of the projected industry.