In HOVE’s end of the year newsletter, we predicted in 2016 we would see considerable progression across North America, in both medicinal, recreational, and the push to end prohibition by putting a system in place with sensible regulations.
Well according to a recent report by Marijuana Business Daily, Marijuana in the U.S. will become a $44 billion a year industry by 2020.
In 2016, the U.S. is projecting the marketplace to be between $14-$18 billion and if the existing economic and legal trends continue at these current rates, it’s expected the industry will be on a trajectory of $24-44 billion by 2020.
We’re witnessing the emergence of a business that is about to become a massive economic force. These figures, which we deem conservative, show not only how important the industry already is to the U.S economy at large, but also how much more important it is about to become
Chris Walsh – Managing Editor of Marijuana Business Daily, said in a statement.
Currently there are four states and the District of Columbia that now have recreational marijuana laws, which were all achieved legalization through ballot initiatives. Vermont is the first state moving forward on a legalization path, through the legislative process. The Vermont Senate has already passed Bill 241, on a vote of 17 to 12, and now the bill has moved on the House Judiciary and Government Operations committees which will take public testimony on the bill this month.
This fall will be a very interesting time, as the U.S. elects a new President and for the marijuana movement. Several key states could legalize recreational cannabis in the November election, including California, Nevada and Massachusetts, while Florida and Ohio could legalize medical marijuana.
If you are considering getting into this marketplace, now is the time to start planning.
If you have any questions, or would like to run some ideas one of our consultants, please get in touch with us.
We will continue to keep you informed, as this market progresses.
