Trends
The cannabis industry is growing rapidly and is an opportunity
What are the cannabis industry opportunities
As cannabis legalization wins public approval and dispensaries open in several states, the U.S. cannabis business will be a $30 billion industry by 2025.
The Cannabis industry is being legalized and is already growing exponentially. There are approximately 12,000 dispensaries in the U.S., and in 2023 there will be more cannabis dispensaries than Starbucks. This is because consumers want to go to local dispensaries to get cannabis. With more than half of U.S. states now legalized for medical cannabis and/or adult-use (recreational), and a national market of over 55 million consumers who use cannabis, it is a massive business opportunity.
Black-owned businesses account for only a fraction (about 4 percent) of the American market. This significant underrepresentation in the newborn and growing American cannabis industry is partly because some black entrepreneurs are being shut-out of due to not being able to secure investment. This is where the Cannaba app can play a big role by providing an easy search tool for cannabis buyers to find a local dispensary in their area and with specific focus on supporting black-owned businesses.
Legalization
Cannabis industry is being legalized and is about to grow exponentially
Rise of black-owned businesses
Social change in the U.S. gives black entrepreneurs a better opportunity to succeed