Marijuana could be the next big boom. Western medicine is embracing it as a cure or treatment for a wide variety of conditions. Additionally, many locations around the world are decriminalizing cannabis for recreational use.Just as a bottle of wine or beer carries a barcode, Felix ID enables growers, consumers, and regulatory agencies to identify and impart vital information about cannabis products.
The Growing Market
There are currently more than 180 million cannabis users worldwide, in spite of cannabis’ classification as an illegal substance in most areas of the globe. These individuals represent an untapped warm market of consumers who already demonstrate a potential to be brand loyalists.
Source: CCTV – America, UNODC, BAML Research 2015
Additionally, the market forecasts in the US predict sizeable growth.National US cannabis sales rose from $4.6 billion in 2014 to $5.7 billion in 2015 with a 232% increase in recreational sales. These statistics reflect a market where only four states decriminalized.
Legalization in Colorado generated more than $135 million dollars in taxes. Washington state also saw significant tax revenue of more than $70 million while California’s projected numbers are estimated to comprise more than 50% of the entire market for 2016.
Source: ArcView Research 2016
Not all marijuana is created equally, especially in terms of medical use. While THC is prized by recreational users, CBD is the compound highly prized in the medical community. Many medical marijuana patients seek a specific type of cannabis to alleviate or treat their particular condition.
FelixID can deliver this information to them in seconds to help them in their course of treatment as well as isolate them from unwanted side effects.