It would take a high that big to forget the type of people we have running for president…
Last year, Americans spend 5.4 billion dollars on legal marijuana. Two billion was spent on medical/recreational marijuana in California and Colorado, and another 500 million in Washington state. On a side note, we also spent 4.9 billion on Cheetos, Doritos, and Funyuns. Considering how high we apparently were, I’m surprised it’s only 4.9 billion.
To put that in perspective, with 5.4 billion we could have bought the nation of Japan (according to the listed GDP on Wikipedia) and still had enough money left over to buy Mexico! Last year, Apple made a net profit of $13.1 billion. The weed business is already almost half of Apple!
As you can guess, these are numbers that investors are finding hard to ignore. ArcView Market Research, a company that studies the marijuana market, is urging people to jump in, smoke some green, and earn some green!
ArcView estimates that the legal sales are going to grow at an annual rate of about 30 percent over the next five years as more states jump on the legalization bandwagon.
Vermont might be the next to do so if its legislature passes a legalization bill this year. Voters in California, Nevada, Massachusetts and a handful of other states will decide whether to legalize marijuana this fall.
A 30 percent annual growth would put the legal marijuana industry at something like $22 billion in annual revenue by 2020, according to ArcView.
Of course, with federal law still being firmly against marijuana, and banks refusing to take weed money, it is difficult for the industry to grow (pardon the pun.) Despite these facts, with more and more states loosening their laws on marijuana, more business opportunities are sure to arise.