Image via Al Jazeera
Legal marijuana is big business and that business is boomin. According to a report from Marijuana Business Daily, legal weed sales will hit between $3.5 and $4.3 billion in total sales.
By 2020, the report estimates the industry will hit $24.4 billion in sales with an economic value to society (creating jobs, more money, etc.) as large as $44 billion a year by 2020. These are just estimates, but they appear to be pretty conservative ones that give a lot of leeway for the popular plant.
Here’s a nice chart that shows how the industry will ascend in the next 10+ years:
Probably the most interesting point in the report is that recreational/retail marijuana should start outselling medical marijuana by 2018. That’s cause states like Colorado and Washington (and soon Oregon) already have far more legal sales than medical sales.
With California, Arizona, Nevada, Vermont, and Rhode Island a few states likely to fully legalize in the next year or two, that retail number will continue to climb while medical sales will dip in those states.
It’s hard to guess what federal regulations will be in five or 10 years, but since it’s fairly easy to see what states are going to do, these estimates feel pretty accurate. Weed may be a $20 billion industry and very well could go to that wine industry range of $50 billion+.
The difficult part is guessing if any of these changes will cut out the black market and to what extent. Either way, it’ll keep boomin.