As marijuana becomes increasingly legalized all over the world, an interesting trend is developing–an increase in the home-growing of the plant. This can be seen in the US, Canada, and Europe, with more people taking up this activity to ensure they have access to safe, high-quality cannabis, especially in more rural areas where access to dispensaries is limited. Keep reading to learn about what the rise in homegrown means for the global cannabis industry.
Global Home-growing Trends
Cannabis consumers are growing their own plants at home more frequently worldwide, as laws surrounding cannabis production and consumption continue to change. In Luxembourg, people 18 years or older will now be allowed to grow up to four cannabis plants in their homes, making it the third country in the world to legalize this activity, after Uruguay and Canada. This new legislation is intended to address the problem of drug-related crime by introducing fundamental changes in Luxembourg’s approach to recreational cannabis use.
The decision by the small but financially powerful European country to legalize the production and consumption of the drug is a milestone on the continent, which has been slower to adopt more liberal cannabis laws. Consumption will only be legal within the household, although fines for the possession of a maximum of three grams in public will be reduced considerably from current amounts.
In the United States, you can grow cannabis for medical or recreational purposes in 19 states. The rules vary by state, but generally, you are allowed to grow a certain number of plants, and the plants must be at a certain maturity level. For example, in Massachusetts, you are allowed to grow up to six plants, and only three of those plants can be mature. In California, you are allowed to grow up to 25 plants, regardless of maturity level. This increased demand for home growing in the US can be seen because of the numerous benefits it offers. Home-grown cannabis is typically cheaper than store-bought cannabis, and it also allows for more customization and control over the product. With store-bought cannabis, you are at the mercy of the growers and manufacturers, but when you grow your own, you can choose exactly what goes into your product. You can also grow unique strains that may not be available at your local dispensary, just a few reasons why home-grown cannabis has risen in popularity across the globe.
In Canada, where recreational cannabis was legalized in 2018, there is a growing trend of cannabis cultivation in people’s homes. This trend can be seen as an effort by consumers to have more control over the quality and price of the product they are buying. In general, when a product is legalized, there is often a surge in demand for that product. The legal status of cannabis has done nothing to slow this trend. As recreational cannabis has become legal in Canada, 10% of the country’s cannabis users grow it at home, according to the National Cannabis Survey (NCS) of 2019. This showcases how there is an increasing demand among cannabis users to be able to grow their own.
Creating Business Opportunities
With homegrown cannabis becoming more popular, businesses are taking notice and looking for ways to get in on the action. The JOBS Act regulations provide an opportunity for companies to connect with small investors and raise capital through crowdfunding. By using these regulations, companies can crowd-fund their business ventures related to cannabis home-growing. This includes businesses that sell products or services that help people grow cannabis at home or companies that invest in the cannabis home-growing industry.
The JOBS Act regulations have been a boon for small businesses and startups, and the cannabis industry is no exception. These regulations have opened up a new avenue of investment for companies involved in the cannabis home-growing industry. By connecting with small investors through crowdfunding, these businesses can raise the capital they need to grow and expand their operations. With global cannabis sales projected to skyrocket, now is the time for businesses to get involved in the home-growing market.