With the massive expansion of cannabis based products in the United States, more cannabis producing companies are delving into cannabis-based product manufacturing. The marijuana legalization has proven to be a revolutionary act for the consumer market.
Cannabis-infused beauty products are predicted to grab a piece of a $167 Billion market. From CBD infused beauty products to jelly beans to edibles, marijuana is now being incorporated almost every other consumer product.
Multi national companies and organizations have started coming up with an altogether new line of cannabis-infused products to grab hold of the market.
Grassroot cannabis announced on Tuesday that it has raised $90 million in funding, bringing its total amount raised to $165 million since it launched in 2014.
Grassroots, which manufactures, processes and sells cannabis-based products, has more than 400 employees in Ohio, Oklahoma, North Dakota, Illinois, Nevada, Pennsylvania, Michigan, Maryland, Vermont, Arkansas and Connecticut.
“We believe this capital raise now makes Grassroots the largest privately held cannabis company in the U.S.,” Grassroots CEO Mitch Kahn said in a statement. “Our growth is a testament to our team’s collective strategic vision and execution of building an integrated business model that enhances the communities which we serve.”
Grassroots fundraise is a major deal for Chicago, but Verano Holdings was acquired earlier for $850 million after raising $120 million in financing.
MedMen Enterprises acquired PharmaCann in October for $682 million in stock. Cresco Labs raised more than $200 million before going public in Canada, and Green Thumb Industries also hit the Canadian markets last year.
From celebs like Kim Kardashian West to politicians, all have shown their inclination and acceptance towards the growing cannabis industry. The iconic diva Kim recently posted a picture of a luxury beauty hamper declaring her obsessive love with CBD saying, “Everyone that knows me knows I am obsessed with CBD everything. This is not an ad lol my fave right now is @pellequr”, she literally broke the internet!
The cannabis industry seems to be growing at a rapid pace, it is backed by the government officialsand the common people which has given the market a boom.
People are now getting more aware of the health benefits of cannabis owing to which they are accepting Cannabinoid, popularly known as CBD, in a variety of daily use products.
However, marijuana is yet to be legalized in all of the United States, with a significant number of states making it completely legal to possess marijuana for recreational purposes and use it in infused states, the federal states are still holding their step back.
The production and distribution of cannabis is still ambiguous to the tribal community. It will be dependent on how the state government will exercise its power on the tribal land and what will be left at the discretion of the tribal government itself.
Nonetheless, the cannabis industry continues to grow despite the apprehensions put forward by some. As for business domain, it is presumed to become as one of the most profitable industry line.