When 2018 comes to a close, it may very well be the biggest year in history for the cannabis industry.
Sure, California passing the first medical cannabis law in 1996 was pretty big, as was Uruguay becoming the first country in the world to fully legalize pot back in late 2013. But in 2018 we’ll have witnessed Canada become the first industrialized country in the world to have legalized recreational weed.
The legalization of adult-use cannabis in Canada is an especially big deal. Marijuana growers had been expanding their capacity at a breakneck pace in anticipation of the Cannabis Act passing, which it finally did on June 19. By Oct. 17, weed will officially be legal for adult purchase, opening the door to what could be a $5 billion windfall once the industry is fully ramped up.
On an even broader basis, an analysis released by European investment bank Bryan, Garnier & Co., courtesy of Marijuana Business Daily, estimates that the global cannabis market could be worth $140 billion by 2027. That represents growth of more than 1,000% over the next decade.
With such big dollar signs being tossed around, the question most folks have been asking, including Wall Street professionals, is what industry might want to dip its toes into the water?
will retail giant Walmart get wind of the marijuana industry’s potential and look to nab its slice of the pie?
According to a recent 18 Karat Reggae interview, Gramps Morgan the lead singer of Morgan Heritage and founder of the Jardin Canabis company believes that Walmart will eventually get its foot in the door of this budding industry.
“I think there’s no doubt that eventually Walmart will get into this business. The question is, is that five years, 10 years, or 20 years? They definitely will get in once there’s more clarity at the federal level in the U.S.,” Morgan said.
Given Walmart’s ability to lure customers with their low prices, as well as its superior logistics, it’s not a preposterous idea that marijuana could soon be on the Walmart shelves just like cereal or soda.
Walmart’s push into cannabis would be even more logical considering that it recently came up with plans to take a bigger bite of the pharmaceuticals business.
Walmart certainly has the cash flow and consumer loyalty to consider a push into the cannabis industry, but a long list of uncertainties is likely to keep the retail kingpin from getting its hands on the green rush anytime soon.