U.S. drug authorities have approved the first drug-based medication to treat children with autism, and billions of investment dollars have been spent on cannabis companies. Also major street brands like Coca-Cola have said they are considering joining the party.
Despite buzz rising across the globe, the momentum will continue in 2019.
Curren’s company is one of many that has expanded with the growth of the industry. He started the business with two friends in 2014. He now has 85 employees, and for over 1,000 U.S. retail stores and hospitals, the company’s software processes $2.5 billion in sales transactions a year.
Luxembourg is about to become the first European country to legalize recreational cannabis, and in that direction, South Africa is going. Thailand legalized cannabis medicinal use on Tuesday, and other countries in Southeast Asia may follow the lead of South Korea in legalizing cannabidiol, or CBD. It is a non-psychoactive substance found in plants of cannabis and hemp and used to treat many medical problems.
It’s not just the U.S. now. It’s spreading,
said Ben Curren, CEO of Green Bits, a San Jose, California, company that develops software for marijuana retailers and businesses
Green Bits raised $17 million, drawing money from investment firms including Casa Verde Capital from Snoop Dogg. Curren hopes that by 2020 it will expand worldwide.
A lot of the problem is keeping up with growth, he said.
Legal marijuana was a US$ 10.4 billion industry in 2018 with a quarter-million job dedicated to growing marijuana plants alone, said Beau Whitney, vice president and senior economist at New Frontier Research, a leading cannabis market research and data analytics company. There are many other tasks that do not involve direct plant work but are more difficult to quantify
There is a good reason for officials to be helpful. Not only does it bring in revenue, Other issued a report showing that after the state legalized cannabis for adults, neither drug use by those underage nor marijuana-related rehab admissions increased. Simply put, the sky hasn’t fallen in it, and there’s no chance it will.
Legal marijuana industry had banner year in 2018 with $10B worth of investments https://www.nbcnews.com/news/us-news/legal-marijuana-industry-had-banner-year-2018-10b-worth-investments-n952256