In 2016, sales of marijuana and marijuana related products surged to almost $7 billion. If that seems like a lot, it’s only just beginning. At this point, almost 30 states have some sort of legalization or decriminalization which shouldn’t be surprising regardless of your views. The continuation of this process is inevitable. As states see not only the progress but the profit from taxes that states such as California are making, all states will push for legalization of the green plant.
In 2014, marijuana sales in the U.S. topped out at around $2.7 billion, with half of that coming from California’s medical marijuana industry. Today, California alone is expected to hit $5 billion in its medical marijuana market once regulations are all ironed out. For scale, the Los Angeles market is alone worth more than $1 billion dollars (the same revenue as Colorado pulled in last year).
By the year 2024, marijuana sales are projected to reach almost $21 billion dollars and some estimations suggesting a much higher number for the whole of the marijuana industry in the U.S. of $50 billion by 2026.
From all these numbers, it is clear that we are still in the very early stages of legalization. The volume of startups involved in the industry is reaching an all time high with most of the companies springing up in the last 5 years.
The market for marijuana does not just include selling weed in a sketchy storefront. The market includes pharmaceuticals made by some of the largest pharma companies in the world, a range of companies devoted solely to edible forms of the plant, satellite companies dedicated to the transportation of money for dispensaries, security companies and every other possibility. The options are endless, and the market will continue to grow as long as there is a place for it.
With the continuation of legalization and decriminalization across the country, the push for this industry is now inevitable.