Recently, we posted an article reviewing the history of the word ‘marijuana’. In that article, we analyzed the dark history of the United States and their position on cannabis. This article, however, has a brighter focus—as of May 2015, 23 states have legalized or decriminalized marijuana. Here is a compilation of projections for the future of cannabis.
It’s a Big ‘Ol Industry—and Only Getting Bigger.
The marijuana industry is massive. In fact, as of 2014, the industry is worth approximately $2.7 billion and has been growing at an exponential rate. The legalization of recreational cannabis in 2012 by both Washington and Colorado has also further fuelled this growth. This exciting change is pushing cannabis lovers and investors alike to prepare for a boom in the marijuana market. Among the high profilers who are preparing for these changes is the long time cannabis supporter, Snoop Dogg. Snoop’s new investment firm Casa Verde Capital, which was created specifically for investing in cannabis related start-ups, has already invested in Eaze, a medical marijuana delivery service in California. Deemed as the “Uber of weed,” Eaze connects medical marijuana patients to dispensaries for quick and efficient deliveries.
How Big is the Potential?
In a mere five years marijuana’s worth could increase substantially. In 2020, experts are offering two trains of thought. First and most realistic: if the United States stays on the path it’s on with more (but not all) states legalizing marijuana in some form, the industry will be worth over $21 billion dollars. This statistic is mind boggling. To put that into perspective, The Washington Post states that an industry of that size completely doubles the current worth of the National Football League, which makes about $10 billion dollars. This projection proves the trend towards marijuana reform laws in the U.S. and further incentivizes both those who haven’t paid attention as well as those who are pursuing the industry.
The other train of thought, as put forward by the Greenwave report on the state of the emerging marijuana industry, is more hypothetical. They concluded that if all 50 states legalized marijuana completely and the federal government ended prohibition of the plant, the marijuana industry in the United States would be worth $35 billion by 2020. This study confirms a lot of suspicions of the success thus far in the marijuana industry.
Judging from the aforementioned studies, it seems that the marijuana market is on the upswing. This can mean a variety of things for all us stoners far and wide, including easier access to weed. We are definitely looking forward to seeing how this one plays out.
Featured image Don Goofy