Pennsylvania became the 24th state in the United States to legalize medical marijuana in April 2016. Who would’ve imagined twenty years ago that pot would be decriminalized in nearly half of America by this time? While most of the states that have legalized it have limited its use for medicinal purposes, a handful of states have even legalized it for adult recreational purposes.
Here are details why cannabis is becoming a growing legitimate multi-billion dollar business:
Legal pot has become one of the fastest growing businesses in the United States, according to a cannabis industry report by ArcView Market Research and New Frontier. The report projects that cannabis will become a $6.7 billion industry in 2016. Sales exceeded $5.4 billion in 2015, which was a significant increase from $4.6 billion the previous year.
Recreational pot sales increased from $351 million in 2014 to nearly $1 billion the following year. The overall medicinal and recreational cannabis markets combined grew by 30 percent in 2015. These figures were based on data collected from government agencies, cannabis marketers and other professionals from academic, medical and reform organizations.
The biggest reason for the escalation in cannabis sales is the changing attitudes about the plant and its use. Part of this shift, from a state government perspective, is due to economics, as pot has helped Colorado raise $135 million in tax revenues in its first few years of legalization for adult use.
Another reason is the medical community has determined that the plant’s medicinal qualities are helpful in treating patients for multiple health issues. Although most of the states that have legalized pot have more liberal ideologies, it has become a bipartisan issue. As more states consider legalization, the industry is poised to reach $21.8 billion by 2020.
Ray Boroumand is the Owner of 4th Street Medical, a leader in providing evaluations for medical marijuana in Orange County. An advocate for medical marijuana, Ray believes in making the process as simple and easy for patients as possible through quick and convenient verification. At 4th Street Medical, he stresses convenience, affordability and transparency 100% of the time and advises patients on how to get a medical marijuana card in California.