In 2018 we have witnessed the Marijuana industry continue to grow into the profit generating monster we knew it would be. Medical Marijuana was available to patients long before recreational marijuana was available to the public. States that have legalized it for recreational and medical use have benefited from the explosive growth the industry has witnessed. It truly is the modern day gold rush.
Based on last year’s sales, it is estimated that 2018 could see marijuana sales eclipse the $10 billion dollar mark. As insane as that sounds, other industry resources estimate that those upward projections could continue and reach the $22 billion dollar mark by the year 2022. In 2017 the medical marijuana industry, combined with the recreational marijuana industry generated over $6 billion dollars. Check out how cannabis stocks are performing.
These projections are based on many factors including the potential legalization of marijuana in other states that have yet to pass laws for recreational use. States like California that adopted recreational laws early on have witnessed tremendous growth. The marijuana market alone is estimated to drive nationwide recreational sales that could clear $4 to $5 billion dollars in 2018.
Another State that has benefited immensely from the legalization of marijuana is Nevada. The people showed up and rocked the vote back in 2016 and Nevada hasn’t look back. Not really surprising that Nevada embraced it so quick, sales kicked off in 2017 and the state has already generated more than $300 million in recreational sales. As a state, Nevada has already cleared over $50 million in tax dollars. The state is stacking greens like the people are smoking them. Colorado and Washington legalized marijuana long ago and have reached numbers beyond $2 billion dollars. Dispensaries like Helping Hands Herbals in Colorado have benefited
Other states are waiting anxiously to cash in on this gold rush, legalizing marijuana for recreational use will bring tax benefits to the state that no other new law can do for a state. Medical marijuana sales continue to generate revenue for the states that have legalized it for that use.
Dispensaries have cashed in on this movement as well. Both medical dispensaries and recreational dispensaries have witnessed a rapid growth rate that has allowed many to expand their operations and open doors at new locations across the state. Entrepreneurs are gathering to try and get a piece of the weed pie, from dispensaries to grow houses, there are opportunities everywhere for businesses minded cannabis enthusiasts to cash in on this once and a lifetime opportunity. There are still many skeptics however, the uncertainty of how the Federal government may regulate or decide to shut down recreational operations leaves many wondering if this is an industry they want to invest in.