Final draft
docx
keyboard_arrow_up
School
Southern New Hampshire University *
*We aren’t endorsed by this school
Course
122
Subject
English
Date
Apr 3, 2024
Type
docx
Pages
6
Uploaded by AmbassadorPencil13245
Johnson 1
Shaterria Johnson
Southern New Hampshire University
English Composition II
Susan D'Elia
October 8, 2023
Marijuana Legalization and its impact on business
Weed, pot, reefer, cannabis, Mary Jane, CBD, and THC are all names to describe one thing: MARIJUANA! Marijuana Legalization has been the center of a great debate since 1996. However according to
a Pew Research Center survey, 88% of Americans say either that marijuana should be legal for medical and recreational use by adults, and just one-in-ten (10%) say marijuana use should not be legal at all.
(Green, 2022) Think about how lucrative the cannabis business could be if marijuana was legalized for medicinal and recreational use, everywhere. Even with competition on the rise, the cannabis industry has continued to grow, bring in high revenue values, and be very beneficial for those suffering with acute pain, seizures and even depression and anxiety. The cannabis business is already a billion-dollar industry despite being illegal in some states. The global (legal) marijuana market was worth around $8.5 billion in 2017 and is estimated to reach $25 billion by 2025.
(Dautovic, 2023) In 2022, states reported a combined $15.16 billion in tax revenue from recreational cannabis sales. (Dautovic, 2023) When we look at
Johnson 2
reports of revenue that is generated by the cannabis industry, we often ask ourselves how? So, let’s talk about how this business has grown to be one of the most fast-paced growing businesses.
Looking at marijuana for medicinal purposes, we can explore the benefits of cannabis for people who suffer from seizures, those with Leukemia, a type of cancer, and those who suffer from acute pain.
Epilepsy is a neurological condition that causes repeated seizures; CBD, a chemical found in marijuana, can help to reduce the risk of those seizures. 60% of people who used CBD reported improved symptoms of epilepsy, around 40% of people involved in the same study saw a 50% or greater reduction in the number of seizures they experienced.
(The RVC, 2022)
Research also shows that medical marijuana could be a viable leukemia treatment option.
Tetrahydrocannabinol (THC), a main cannabinoid in weed, induces death (apoptosis) in leukemia
cells. Cannabidiol (CBD), the other central cannabinoid in weed, increases leukemia cell death and decreases tumor burden significantly. Both THC and CBD, in the highest concentrations, have anti-inflammatory and pain-relieving properties.
Marijuana has done great things for those who suffer from mental health problems like depression and anxiety. According to the Census Bureau’s Household Pulse Survey, 50% of adults ages 18-24 reported anxiety and depression symptoms in 2023. (Lee, 2023) Although some studies show an increased risk of anxiety associated with marijuana, a 2018 survey found that medical cannabis users reported a 58% reduction in anxiety and stress, and females reported a larger reduction in anxiety after using medical cannabis than males.
(Rowden, 2020)
Johnson 3
Three states have approved the use of medical marijuana for the treatment of anxiety disorder; Pennsylvania, North Dakota, and New Jersey. Although it’s a step in the right direction it’s just not enough. With close to half the US suffering from depression and anxiety, if the US legalized marijuana for recreational use, think of how many people we could save from mental health issues. When people talk about the issues of marijuana legalization as it pertains to business, the main argument is competition.
Because the cannabis industry is so exciting and the industry is growing at such a fast rate, many people are scrambling to get in. This has created a crowded market. With more locations from which to purchase products, more information available and the opportunity to price shop, customers can afford to be picky despite the high demand.
A crowded market indeed makes it harder to keep up with consumer expectations. Although this is true, the cannabis industry has excelled in employment gains by continuing to pay competitively, with statistics from recruiters showing year-over-year compensation increases
for most top, mid-, and lower-level positions. The cannabis industry has a great chance at gaining
a competitive advantage if it continues to align their offerings with consumer expectations, creating a great marketing plan and remembering to put the consumer needs before sales.
Opportunities are abundant in this industry and entrepreneurs are flocking to it at an increasing rate. The cannabis industry is very profitable and with stakes that high the reward is destined to be higher. More states are starting to shift their laws and be more accepting of the industry. Marijuana isn’t just about smoking; with a large market of products this industry is
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Johnson 4
inclusive to many for medicinal and recreational purposes. Colorado has excelled in the industry and continues to bring in revenue values of a billion dollars annually. Being in the cannabis industry can be very rewarding, especially if you work with medical cannabis patients. The fact that Cannabis is still illegal at the federal level makes it hard to enjoy the rewards. So far businesses that have complied in adult-use states have not become targets, but that could change anytime. My daughter,12, Has acute Leukemia and for kids and people like her who can’t stomach most pain meds, or those kids that suffer from severe seizures every day, cannabis could potentially be the answer. With so many potential healing properties, large pharmaceutical companies are already making investments in cannabis.
The cannabis business has undoubtedly made millionaires, take John Cervini, the founder of Aphria. Cervini came from a family of pepper and tomato growers; he saw an opportunity in the marijuana industry and is now worth over 100million dollars. Although this industry can be challenging the pros far out way the cons. In order to excel in this industry, we need more states to be on one accord with the Legalization of marijuana for recreational and medicinal purposes. That is the only way we can change the legality of marijuana on a federal level. We all want to essentially do well and make plenty of money without having to look over our shoulders. Let’s take a couple of steps in the Pot direction and make some major cash.
Johnson 5
References
B, C. (n.d.). Competition Is Increasing In The Cannabis Industry: How Your ERP Helps. Canna Business ERP. https://www.cannabusinesserp.com/competition-is-increasing-in-the-
cannabis-industry-how-your-erp-helps/
Bry, A. (2021, December 3). Meet 9 Of The Richest People In The Cannabis Industry. Benzinga. https://www.benzinga.com/markets/cannabis/21/12/24156797/meet-9-of-the-richest-
people-in-the-cannabis-industry
D, M. (n.d.). Acute Myeloid Leukemia. Marijuana Doctors. https://www.marijuanadoctors.com/conditions/acute-myeloid-leukemia/
Dautovic, G. (2023, July 4). Higher Healing: Medical Marijuana Revenue Statistics. Fortunly. https://fortunly.com/statistics/medical-marijuana-revenue-statistics/#:~:text=In
%202017%2C%20the%20global%20%28legal%29%20marijuana%20market%20was,of
%20the%20fastest-expanding%20industries%20in%20the%20United%20States
. Green, T. V. (2022, November 22). Americans overwhelmingly say marijuana should be legal for
medical or recreational use. Pew Research Center. https://www.pewresearch.org/short-
reads/2022/11/22/americans-overwhelmingly-say-marijuana-should-be-legal-for-medical-
or-recreational-use/
Johnson 6
Lee, C. (2023). Latest Federal Data Show That Young People Are More Likely Than Older Adults to Be Experiencing Symptoms of Anxiety or Depression. KFF. https://www.kff.org/coronavirus-covid-19/press-release/latest-federal-data-show-that-
young-people-are-more-likely-than-older-adults-to-be-experiencing-symptoms-of-
anxiety-or-depression/
Lipson, R. (2022, February 18). Where Is The Cannabis Industry Headed In 2022? Forbes. https://www.forbes.com/sites/forbesbusinesscouncil/2022/02/18/where-is-the-cannabis-
industry-headed-in-2022/?sh=6f44ff6c72e2
Rowden, A. (2020). Does cannabis cause or treat anxiety? Medical News Today. https://www.medicalnewstoday.com/articles/marijuana-and-anxiety
Sacirbey, O. (2021, April 25). Cannabis industry’s success is spurring more competitive salaries, benefits. MJBiz Daily. https://mjbizdaily.com/cannabis-industry-success-spurs-more-
competitive-salaries-benefits/
Village, R. (2020). Can Weed Cause Seizures? The Recovery Village Columbus. https://www.columbusrecoverycenter.com/drugs/marijuana-addiction/marijuana-and-
seizures/
Vittert, L. (n.d.). Does legalizing marijuana help or harm Americans? Weighing the statistical evidence. The Conversation. https://theconversation.com/does-legalizing-marijuana-help-
or-harm-americans-weighing-the-statistical-evidence-109402
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help