Cannabis and psychedelics have emerged as the fastest-growing economies in the world. In 2019, the total spending on cannabis reached $9 billion, and economists predict a rise of 400% in the total cannabis spending by 2024. According to cannabis insiders, psychedelic companies, in particular, are making a minimum of $5 billion annually, and this is huge. Combined, the spending on both cannabis and psychedelics will keep on increasing.
The world of cannabis and psychedelics has changed in so many ways. Gone are the days where it is hiding from the shadows because of stigma. The industry was never recognized as a part of the economy until just the recent years where it was legalized for recreational and medical use. Thanks to proponents who never gave up in their quest to explore cannabis and psychedelic, paving the way for remarkable discoveries.
Understanding Cannabis and Psychedelics: Why are They Trending?
Cannabis is a plant with psychoactive properties. These are three groups of plants, the Cannabis Sativa, Cannabis Indica, and Ruderalis. When dried, the flowers of this plant become the most illicit and common drug in the world, and that is called marijuana or cannabis, weed, pot, herb, etc. It contains hundreds of cannabinoids, and these two prominent cannabinoids are the Cannabidiol or CBD, and the Delta-9-tetrahydrocannabinol, or THC. The CBD is mostly responsible for the medicinal benefits, while the THC is responsible for the “high”.The THC can let you feel the most amazing psychedelic high.
The effects of cannabis vary depending on the strain, dosage, personal expectation, body chemistry, the consumer’s mental and emotional state, administration, and the social environment. It can deliver as strong euphoric high, a feeling of happiness, relaxed and sociable. It can boost creativity and energy. Cannabis is also used in the treatment of several medical conditions.
Psychedelics are also known as hallucinogens, psychedelic drugs, or hallucinogenic drugs that can induce hallucinations and psychedelic high. It contains a psychedelic substance called psilocybin. Psychedelics work in the body by suppressing or stimulating the activity of the neurotransmitters. The reaction affects the brain’s chemistry; thus, it causes hallucinations or euphoric high.
The effects of psychedelic drugs in the person varies because it depends on the person’s expectation. This is known as “Set,” which involves the consumer’s previous reaction to the drug. The term “Setting” refers to the consumer’s cultural and social expectations as well as their state of mind and emotions during the time that they are taking psychedelics.
Will Cannabis and Psychedelics Make a Good Business Venture?
The answer is a big Yes. Aside from the fact that the cannabis and psychedelic industry is booming, it is also gaining acceptance from the majority. The fact that it was able to affect the economy positively, even with the legal implications, imagine where it will take you if it is legalized in more places? What are the reasons why it is worth investing?
The Market is Good
Cannabis and psychedelics are making a huge mark in the global economy. Ask a consumer why they are smoking weed, they will answer you that they are after the high. Though there are cannabis consumers that use cannabis for medical purposes, the majority is using it for recreational use. Cannabis and psychedelics are very popular, especially for young consumers. These young consumers are the bigger market, they take the risk, and they spend a lot.
Regardless of legal issues, the cannabis and psychedelic industry has still managed to post an incredibly decent number in the global economy, and that is limited only to those who have access to the use of cannabis and psychedelics products. The cannabis and psychedelic market will still grow, given the legalization of its use to may more places by the end of 2020 and the coming years.
Cannabis and psychedelic experts have developed products that make it easier for cannabis users to have access to the weed and psychedelics. Cannabis concentrates are now available in many forms like edibles, tinctures, oils, topical, and pills. On the other hand, the most popular psychedelics are lysergic acid or LSD, which can have notorious effects in the body. Wild mushrooms also contain psychedelic substances; thus, it was named “magic mushrooms”.
With these products being made accessible to the consumers, there is no doubt that the sales will soar high as consumers are no longer finding it hard to access their favorite products. All they have to do is buy it on a physical or online store and have a good trip. And if you are an entrepreneur, you know that business is doing good and that means profit.
We cannot just say that cannabis and psychedelics are merely for recreational purposes. Research subjecting these two showed promising results that they are effective in the treatment of anxiety, depression, and other mental illness. It showed that when they are ingested inside the body, they turn into a psychoactive chemical that reduces the symptoms of anxiety, depression, and other mental illness.
Because of this discovery, cannabis and psychedelics are now in the spotlight. It has been popular because of the “high” that it produces, allowing smokers or consumers to bask on the glory of euphoria, and now it can be a great aid in the treatment of several medical conditions.
Cannabis and psychedelics for medical use are other markets. Another opportunity for a good business.
What are the Basic Things to Do to Start a Business in Cannabis and Psychedelics?
So are you interested in putting your investment in cannabis and psychedelics? Here are the basic tips that you need for starters:
- Compliance. These two have legal issues, and you need paper works to run the business daily. Make sure to check if you can comply with the requirements before running the business. Everything should be legal.
- Study the market and make sure that you know what is trending so that you will be able to stay updated.
- Make sure you have enough funds to run the business. It can be difficult to get a loan, but try to find investors who can help you fund your company.
- Look for a team. Find a team that will be able to help you run your business if they have experience in cannabis or psychedelics, the better.
- Start small. If things go well, expand.
The cannabis and psychedelic industry is huge, and it is attracting investors. Who would have thought that these two will shake the global market? The future indeed looks brighter for cannabis and psychedelics.