2016 proved to be a landmark year for marijuana legalization. Recreational marijuana was given the green light by voters in the four US states of Massachusetts, Maine, Nevada, and California. It did not stop there. In North Dakota, Florida, Nevada, and Arkansas, the passing of ballot measures allowed the usage of pot to become legal for medical purposes.
60% of the US population now resides in a state where it is either legal or soon going to be legal to consume marijuana. This is indicative of a trend where medical and recreational use of cannabis heads towards liberalization, and eventually, legalization.
We, as Investors in this sector, can take action now as the booming marijuana industry is destined for significant growth in the near future.
The marijuana industry has always been profitable, but legalization is opening up uncharted territories, leading to further revenue.
Voters from both the red and blue states stepped up to the plate to support legal marijuana.
Legalization Drives more Profits and Wider Use
We, as Investors, will find many distinct characteristics in this market that make it highly lucrative. I am amazed that already the legal marijuana market in the US is close to $7 billion.
As legalization picks up speed, the black market for weed and cannabis is rapidly shrinking, providing businesses and investors with the amazing opportunity of monetizing billions of dollars.
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At the rate things are progressing, it is only a matter of time before legalized marijuana takes the lion’s share of the $50 billion market in the US.
The chart here shows how medical and recreational cannabis sales in US have been soaring year on year.
Problems are there, of course, like the prohibition placed upon most weed businesses from using the baking systems. However, this has not managed to stop entrepreneurs or deter them from launching new ventures.
In fact, they are supporting the industry and, right now, companies are finally beginning to show profits in this sector.
The level of professionalism in the marijuana industry has increased considerably due to legalization. The whole process has become much more streamlined and professionally managed.
Colorado, for example, legalized the recreational use of marijuana in 2014, and consolidation is currently underway in the state, involving acquisitions and mergers among operators.
Increased Range of Marijuana Products
Each step taken by the marijuana industry towards legalization leads to an expansion in the scope of marijuana products.
No longer are consumers limited only to smoking cannabis. The market has grown and there is demand for capsules, lip balm, and edibles.
The best part about this market is that it is inclusive. While millennials will find many products to choose from, there are items that are marketed towards people suffering from chronic diseases and sore-jointed boomers. Another niche market that has grown recently is edibles that are specially curated for vegans.
As the Green Rush in the US continues to gain legitimacy, the momentum is increasing and more and more professionals are increasingly eager to provide their expertise. This is indicative of how support around this industry is growing, and will encourage more investors to get in on the ground floor of this billion dollar growth industry.