Innovation is the cornerstone of the free market system. From the capitalist’s viewpoint, the free market is open game to anyone willing to pony up the courage and ideas to improve society in some way. This can be achieved through either bringing brand new products or services to the market, or by improving on an existing product — as in the case of a quieter vacuum — or by releasing a product like the iPhone. By creating and innovating the free market is designed to foster entrepreneurship and push society ever forward.
Today, it can be argued that the United States does not harbor a truly capitalist system. From unnecessary regulations on certain industries to lobbying and colluding efforts by the largest and most powerful companies in the world, there are plenty of issues alive and well within the current American system. But you can’t deny that it was by using the capitalist principles of our country’s forefathers, and the entrepreneurs and innovators after them, that have propelled the United States into a position of power throughout the years.
Now we’re seeing an entirely new industry spring to life right before our very eyes with boundless opportunities for inventors, entrepreneurs, and anyone else that wants a piece of the pie. It’s all happening within the still federally outlawed world of marijuana, and things don’t look to be slowing down anytime soon.
Despite heavy protests from lobbying groups and certain segments of big business (who feel threatened, more than anything), marijuana looks like it will see sweeping regulatory changes around the country over the coming years. Already made fully legal by voters in two states, medical marijuana markets have been alive and thriving for many years in areas around the country. Inside of these secluded, often maligned industries, people have gotten to work creating new products and devising new ways to use the cannabis plant.
The results are already hitting the markets, in the form of more-refined concentrates, extensive lines of edibles, and more targeted pharmaceutical uses. In fact, this is just the beginning. Wait until hemp makes a comeback to the market. The industrial advantages will be immense.