Legal Marijuana Revenues Keep Going Up
The business machine that is the marijuana industry keeps growing. It is growing at a rate very few industries ever have. The relatively new legal cannabis business field is still in its infancy, but its produced revenue is expected to grow exponentially within the next 5 years.
According to Greenwave Advisors, the retail marijuana industry produced $6.5 billion in revenues in 2016. They are expecting retail sales to grow to over $30 billion by the year 2021.
These are shocking numbers for an industry that is still very young. The legal marijuana industry has been boosted by a very quick rise in the amount of U.S. states that have legalized marijuana either recreationally or medically. The demand from consumers has been clear. They are after high quality, consistent, and well produced products that reflect the technologically advancing society we currently live in.
Companies are trending towards creating branded products and seem to be shying away from selling only dried marijuana. It is clear that easily accessible products like edibles, drinks, and disposable vaporizer cartridges are becoming popular, and companies are adapting to the high consumer demand for these products.
Success has also been largely driven by the fact that the stigma surrounding the marijuana community is beginning to fall by the wayside. There is a new Congressional caucus dedicated solely to the protection of medical marijuana patients rights that is headed by both republicans and Democrats. 29 states and Washington D.C. have legalized marijuana use in some way.
It is clear that marijuana use is not deemed detrimental to one’s character as it was for a very long time. The fact that the broad medicinal qualities of marijuana are beginning to be accepted has contributed to more people seeing marijuana as a safe alternative form of medicine. When California legalized medical marijuana through the Compassionate Use Act in 1996, marijuana was still under the stigma attached to it by people like Richard Nixon and Ronald Reagan. Since 1996, more and more evidence has been released about the positive qualities of marijuana and the stigma is quickly being removed.
As marijuana continues to gain mainstream popularity, the amount of revenue produced by the industry will rise. This is only going to promote more competition and better products and the legal marijuana revenue will be hard to pass up for entrepreneurs.
Lane is based in Southern California and is a content curator for Medical Marijuana 411. He focuses his research into finding informative stories that can help medical marijuana patients better understand their diverse medicine.