The metaverse is creating a new virtual marketplace for retail brands
Entrepreneurs are betting on the future of the metaverse and cannabis industries.
In the last decade, developments in government legislation have led to the legalization or decriminalization of cannabis in a number of countries, municipalities and U.S. states, allowing users to fully appreciate the sacred plant in both recreational and medicinal settings. While cannabis remains classified as a Schedule 1 drug by the United States federal government, decades of protests, scientific research and political lobbying have significantly reduced its stigma and opened the cannabis market for commercialization efforts.
Technologically, the rise of the metaverse has reinvigorated the impact of having a virtual presence. The internet and social media introduced the concept of a “virtual self” and with it, facilitated an unprecedented form of communication and interaction. The metaverse is expanding on this capability through the creation of virtual avatars that move through virtual environments created for their exploration and engagement.
Nestled between these two trends are the entrepreneurs who have envisioned a marriage of cannabis and technology. In this vision, virtual avatars roam metaverse worlds socializing with friends, checking out cannabis merchandise, attending virtual comedy clubs and purchasing goods and services.
This integration could be the future of cannabis, and entrepreneurs are already betting on it.
Cannabis and the metaverse are among the fastest-growing industries in the world.
According to GrowerIQ, legal cannabis sales are expected to exceed $50 billion by 2025, while a McKinsey report shows the global metaverse market could surpass $5 trillion by 2030. Although each industry carries implicit risk due to
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