According to a recent report on the COVID-19 outlook and impact on medical marijuana, the cannabis market is poised to grow by U.S. $22.33 billion with a CAGR if over 24% by 2024. 1 It’s safe to say that within the next decade, the everyday routine of millions of American consumers will integrate some type of cannabis, whether as a functional food and beverage ingredient, a beauty product, or as a health or mood aid.
For the time being, however, the cannabis industry remains small, fragmented and somewhat complicated. The legal landscape in the United States surrounding cannabis sales is a patchwork of local laws that are often inconsistent. Furthermore, because flowering marijuana remains a Schedule 1 controlled substance under federal law, interstate commerce is forbidden. The industry is essentially cash-only, scattered and has limited capital investment in automated technologies. For the most part, the industry continues to rely on manual labor for processing and packaging.