The legal Medical Cannabis industry is widely expected to continue to expand significantly over the next 5 years. Leading market research, ArcView, forecasts that another 14 US states are set to legalize recreational marijuana while two additional states will pass legislation that allows the use of medical marijuana.
The next 2 years we will see at least 10 states mulling the decriminalization of recreational marijuana through ballot measures or via state legislatures.
By 2019, it is estimated that sales will reach $50 billion in the US. In Colorado, sales of cannabis reached $8 billion with recreational usage accounting for $313 billion and medicinal usage, a further $385 billion.
Moreover, some 4.8 million cannabis-infused products were sold in Colorado in 2014. It appears that the only thing standing in the way of the immense potential of this industry is the possibility that states could oppose the relaxation of existing drug laws. Market research, however, suggests that the grassroots movement for the legalization of marijuana enjoys growing support. Little wonder, particularly when the ArcView’s report suggests the legal marijuana industry could easily be worth more than the entire organic food industry if the legalization trend continues.