Money Grows on Cannabis Plants
Cannabis industry sales projected to grow from $5.4B in 2015 to $21B in 2020.
With nationwide legalization of marijuana use around the corner, the economic benefits of the cannabis industry are only now beginning to be realized. Legalizing marijuana consumption, or at least its medicinal use, has been a nationwide debate for years. For many states, the decision is less ideological than pragmatic: where the cannabis industry is permitted, “state coffers are definitely bulging,” according to John Kagia, Director of Industry Analytics at New Frontier, the cannabis industry’s leading data and analytics firm. Eye-popping numbers have emerged in the mainstream media, such as $5.4 billion in revenue in 2015, though further study is certainly needed.
An enormous market with an enormous economic impact
The US contains so many pot smokers that its market size is unrivaled around the globe. In 2015, US medicinal patients contributed to “$4.4B in medical...
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