Industries That Are Growing Thanks to Changes in the Law

We often think of laws having the final say in matters, but it’s important to remember that laws aren’t written in stone. Like everything else in the world, laws can change with time, adapting to a changing world. Needless to say, changes in laws can impact individual lives, but they can also impact entire industries. In fact, recent changes in laws in all corners of the world have led to the incredible growth of several industries that were small or almost non-existent a decade ago. To showcase just how powerful changes in the law can be, let’s take a closer look at a few industries that are experiencing profound growth largely because laws were changed.

Cannabis

This might be the most profound change in the laws of the last several decades. Cannabis and related products – most notably marijuana – were long criminalized in most corners of the world, viewed as a dangerous drug. However, several countries on almost every continent have changed their stance on cannabis. Countries like Canada, Mexico, Germany, Thailand, South Africa, and others have legalized cannabis for both recreational and medicinal uses. Many others have legalized it for medicinal uses. In even more countries, it’s either been decriminalized or cannabis laws go largely unenforced, which is the case in India and several bordering countries.

These changes in law have allowed cannabis to leave the black market and become a mainstream product. There are various foods, pharmaceuticals, and other goods made from cannabis or hemp that are perfectly legal and sold in legitimate businesses. Farmers and entrepreneurs alike have made successful careers out of cannabis products because it’s been legalized in so many places. Naturally, cannabis-based tourism is also on the rise, with travelers flocking to places where recreational cannabis is legal. Obviously, attitudes about cannabis have changed, but such growth wouldn’t be possible without changes in the law.

Sports Betting and Online Casinos

Along with cannabis use, gambling platforms have gone from an illegal vice to a blossoming industry thanks to changes in laws. Of course, this industry isn’t universal just yet, as many countries haven’t gotten on board. In other cases, including both the United States and India, individual states have their own laws, making certain types of gambling legal while others remain illegal. Nevertheless, betting is legal in far more places than it was a decade ago because more countries and states have chosen to legalize and regulate gambling platforms.

The rise of smartphones and easy Internet access has gone hand in hand with the growth of this industry. Advances in technology and easy Internet access have made online sportsbooks and casinos viable businesses, with changes in the laws making it possible for them to operate and excel. To get an idea of how much the industry has grown, all you have to do is explore casino.com/ca/ to see how many different online casinos are available in Canada and the features they offer users. Other countries have similar offerings, which shows that this industry is growing worldwide, thanks to changes in laws that have made online betting possible. In 2024, the global online gambling market approached $80 billion, with additional growth expected in the next handful of years.

Legal Technology

Last but not least, the legal industry has seen changes in laws. Similar to online betting, technology is a key driver for these changes. This technology includes artificial intelligence, increased automation, smart contracts, and digital signatures. Virtual legal services are also on the rise, allowing attorneys and their clients to work together remotely. With this technology, changes in laws have become necessary to ensure that legal work that’s performed with help from new technologies meets certain standards without depriving anyone of their legal rights.

At the same time, new technology is helping the legal industry to become more efficient and productive, leading to growth within the industry. Routine tasks can now be automated, freeing up attorneys and their support staff for more important tasks. This has allowed lawyers to take on more clients, giving more people access to legal services, including those in previously underserved populations. Needless to say, this is allowing the legal services industry to grow. The global legal services market surpassed $1 trillion in 2024 and has a compound annual growth rate projection of nearly 5% for the next five years, in part because laws are embracing technology and allowing lawyers to help clients more efficiently.