With a huge push in the last few years for marijuana’s legalization, the industry has never been this high (no pun intended). Since election day in 2016, various states across the U.S. have pushed for legalization for medical and recreational cannabis, leading to the growth of industries doing everything from pharmaceuticals to cash transport and all in between.
The large wave of legalization that took place across the country on election day left many with mostly speculative ideas about where the industry could go, but since the first IPO for cannabis, many have taken the dive into the budding market.
Currently, there are 21 states plus Washington, D.C., that allow the sale of some form of marijuana weather that be medicinal or recreational. This has made for a new market of ancillary companies dedicated to all things related to the industry. With an expected growth from $1.5 billion to almost $4 billion by 2018, the market continues to attract new companies with hopes of breaking in to the current boom we’re seeing.
The industry has stayed at the forefront of trading topics since the first IPO was announced as any smart investor would jump at the prospect of a huge industry on the horizon. With product suppliers, marijuana retailers, dispensaries and more, the need for lawyers, accountants and security consultants becomes extremely relevant. Marijuana has taken over a large part of the market with buzz being generated daily and new highs being hit. Not only is there incredible opportunity for the investment market, but in the ancillary businesses as well.
With no rules or guidelines as to how this market will grow, the possibilities remain unlimited as projections skyrocket for the coming years. It’s no wonder that marijuana has at the top of the trading topics and hype for almost 2 years. Although the federal government still classifies the drug as a schedule 1 narcotic, the hopes that the scheduling will change are slowly coming to fruition. With more and more states pushing for legislation to legalize the plant as well as recreational and medical industries booming, it looks as though the marijuana market is here to stay.
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