Shopify is seeing a huge uptrend for cannabis retailers and wholesalers as the cannabis markets open up for 2019. The cannabis market is already estimated to be a $50 billion dollar annual sales market. By 2030 it is estimated to be as high as $75 billion.
According to Global News Toronto, the platform processes 100 cannabis related orders every 60 seconds. To put that into perspective that is commensurate to the number of children born every minute in the world.
There is no question this market is huge, maybe even larger than we expected last year.
In the United States last year Congress passed an $867 billion dollar farm bill. This was the spark cannabis brands needed to begin building their online presence and online sales portals.
The farm bill legalizes the production of hemp, a form of cannabis with lower THC levels than marijuana. Analysts told CNBC that hemp could grow into a $20 billion industry by 2022.Source: The Washington Post
The cannabis market in the United States and Canada is booming. Entrepreneurs and pre-existing cannabis brands are merging into regulated markets and cannabis is finally getting its place in the economy.
It’s a great time for both cannabis advocates and entrepreneurs looking to cash in on the billion-dollar big cannabis industry.
A quick Google Trends search for cannabis shows a growing interest over time.
That’s a great omen for cannabis merchants and vendors looking to migrate into the legal cannabis industry early.
If you are in Canada you will definitely want to check out the Shopify.ca Cannabis sales platform.
If you are a cannabis dispensary and considering using Shopify to run your cannabis brand consider this. Shopify Payments (the default payment processor for Shopify) has some strict guidelines around processing payments for cannabis. Particularly in regions where the federal laws are fuzzy like the United States.
Don’t worry though you can still use Shopify to launch your platform and use a cannabis-friendly payment process to accept orders. As more regulations are passed Shopify Payments may allow for cannabis sales. To see if your payment provider is supported head on over to Shopify and check their list of over 100 payment provider integrations to be sure they support Shopify.