The size of the facility maintenance market in the cannabis industry.

                                         

A Peakman Facility Sciences White Paper

 The size of the facility maintenance market in the cannabis industry.

The legalization of marijuana has led to the emergence of a new industry: the cannabis industry. With the passing of legislation that legalizes marijuana use across Canada and other countries, the industry has experienced immense growth over the past few years.

Although the cannabis industry is still in its early stages, it has created several opportunities for businesses to provide products and services to its various players. One of the areas that have seen significant growth is the facility maintenance market. In this, we will discuss

Facility maintenance refers to the upkeep and maintenance of buildings, equipment, and systems in a facility. It covers a wide range of services, including landscaping, janitorial services, HVAC maintenance, electrical repairs, and plumbing services. In the cannabis industry, facility maintenance companies provide services to cannabis cultivation centers, dispensaries, and other cannabis-related businesses.

According to a report by Grand View Research, the cannabis facility management market size was estimated to be worth $195.8 million in 2019. The report also projected that the market size would grow to $1.2 billion by 2027, at a compound annual growth rate (CAGR) of 27.6%. This rapid growth can be attributed to the increasing number of cannabis businesses and the stringent regulations that exist in the cannabis industry.

One of the primary factors driving growth in the cannabis facility maintenance market is compliance. Cannabis cultivation centers and dispensaries are subject to strict regulations set by state governments, and failure to comply with these regulations may result in hefty fines or even the revocation of a license. Facility maintenance companies, therefore, play a crucial role in ensuring that cannabis businesses remain compliant by maintaining clean and safe facilities and equipment.

Another factor driving growth in the cannabis facility maintenance market is the increasing size of cannabis facilities. As cannabis businesses grow, the need for maintenance services increases, driving demand in the facility maintenance market. Large-scale cannabis cultivation facilities require ongoing maintenance of their HVAC and lighting systems, pest control measures, and water management systems, among other services.

Moreover, as the legalization of marijuana continues to spread across the United States, more states are legalizing both medicinal and recreational use of marijuana. As a result, the number of cannabis businesses is expected to increase, further driving growth in the facility maintenance market.

In conclusion, the facility maintenance market is an integral part of the cannabis industry. With the industry's projected growth, the market size of facility maintenance services is expected to continue to expand. Although the market is still in its early stages, strategic investors are pouring money into the cannabis industry's facility infrastructure to take advantage of the growth potential. Therefore, for stakeholders looking to enter or invest in the cannabis industry, it is essential to consider the facility maintenance market's potential and longevity.

Blog By:  A. Peakman Peakman Management Group Canada

www.peakmanmanagement.com