The legality of the marijuana industry has been under fire ever since its creation. With its status as a Schedule I narcotic, listing it with methamphetamine and other dangerous drugs, it has been nearly impossible to get federal legislation passed. As we currently stand, 29 states have legalized the plant with the majority legalized for medical as the recreational legislation grows.
Many strategists have projected the cannabis market to have incredibly strong growth prospect as legal marijuana sales have already hit nearly $7 billion USD. Estimates put the legal marijuana industry to reach nearly $22 billion dollars by 2021 almost tripling the revenues, with a compound annual growth rate of 26%.
With recreational use legal in eight states for adults above the age of 21, cannabis research firm Greenwave Advisors, predicts that all 50 states could see some sort of legalization within the next four years making the industry total worth around $30 billion dollars.
The only threat to this budding industry is the current U.S. administration. President Donald Trump has spoken of his nonchalant attitude toward legalization which parallels Attorney General Jeff Sessions views stating more or less that he does not believe the medicinal effects of the miracle plant. This past February, former White House Spokesperson Sean Spicer, stated that he is expecting to see states subject to “greater enforcement” and that Trump sees a “big difference” between the use of marijuana for medical and recreational use.
On the other hand, Sessions told reporters that “The Cole memorandum (a letter by Obama stating the specifics of federal drug laws and how to use them with marijuana) set up some policies under President Obama’s Department of Justice about how cases should be selected in those states and what would be appropriate for federal prosecution, much of which I think is valid.”
With legislation hopefully seeing its day soon, and a massively sprouting marijuana industry, it is likely that growth will continue to reach new highs.
The legality of the marijuana industry has been under fire ever since its creation. With its status as a Schedule I narcotic, listing it with methamphetamine and other dangerous drugs, it has been nearly impossible to get federal legislation passed. As we currently stand, 29 states have legalized the plant with the majority legalized for medical as the recreational legislation grows.
Many strategists have projected the cannabis market to have incredibly strong growth prospect as legal marijuana sales have already hit nearly $7 billion USD. Estimates put the legal marijuana industry to reach nearly $22 billion dollars by 2021 almost tripling the revenues, with a compound annual growth rate of 26%.
With recreational use legal in eight states for adults above the age of 21, cannabis research firm Greenwave Advisors, predicts that all 50 states could see some sort of legalization within the next four years making the industry total worth around $30 billion dollars.
The only threat to this budding industry is the current U.S. administration. President Donald Trump has spoken of his nonchalant attitude toward legalization which parallels Attorney General Jeff Sessions views stating more or less that he does not believe the medicinal effects of the miracle plant. This past February, former White House Spokesperson Sean Spicer, stated that he is expecting to see states subject to “greater enforcement” and that Trump sees a “big difference” between the use of marijuana for medical and recreational use.
On the other hand, Sessions told reporters that “The Cole memorandum (a letter by Obama stating the specifics of federal drug laws and how to use them with marijuana) set up some policies under President Obama’s Department of Justice about how cases should be selected in those states and what would be appropriate for federal prosecution, much of which I think is valid.”
With legislation hopefully seeing its day soon, and a massively sprouting marijuana industry, it is likely that growth will continue to reach new highs.
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