Five Facts You Probably Didn’t Know About The Cannabis Industry
Whether it is a dispensary or an ancillary business catering to the pot industry, cannabis is all geared up to become a revolutionary mainstream brand. According to a report, legal sales of marijuana is expected to reach over USD 20 Billion by 2022, which is currently estimated at USD 10 Billion. Additionally, as per the Utah Marijuana Policy Project, Michigan and Oklahoma are reported to vote on the cannabis reform in 2018. With this growth, the cannabis industry has set new horizons for people across the globe and will continue to create bigger opportunities in future.
Here are five facts that you probably didn’t know about the Cannabis Industry but probably should.
Weed Demand in US is worth USD 52.5 Billion
According to the Marijuana Business Daily, the demand for both, legal as well as black market sales of marijuana has reached a staggering USD 52.5 Billion. If the government legalizes the usage of cannabis nationwide, soon enough it will surpass the overall sale of cigarettes along with its potential competitor – beers.
More Weed Means More Employment
The Marijuana Daily revealed that presently, the cannabis industry employs full-time workers between 125,000 to 160,000. With an estimated growth of 21% annually, this number is expected to reach 340,000 full time workforce by 2022. Whether individual cannabis producers or ancillary businesses that don’t come directly in contact with the product, these job openings will open new scopes for many individuals and associations.
Legal Sales Expected to Double
With a rapid growth and extensive government involvement in the cannabis industry, sales have been touching newer heights every year. The yearly retail sale of cannabis is expected to increase by almost 50% from last year and is expected to touch anywhere between USD 8 Billion to USD 10 Billion by the end of 2018.
Regulations Over Recreational Pot
As per the Marijuana Policy Project, recreational sales are legal in California, Nevada, Alaska, Colorado, Oregon, Nevada, and Washington State. In Washington DC, adults above 21 can legally carry marijuana up to 2 ounces, cultivate around six cannabis plants in their property and can offer 1 ounce of marijuana to another person. However, recreational sales are not legal in the capital of the United States of America. Maine allows recreational marijuana and the lawmakers of the state are working for the legislation to set up a regulated market. Commencing from July 1st, adults who are above 21 will be able to buy recreational pot at retails stores in the city of Massachusetts.
Pot Generates Tax Revenue
During 2017 fiscal, Washington State collected around USD 219 Million in taxes on legal pot income and licensing fees. The excise tax is around 37% on retail sales. Last year, weed taxes along with revenue from fees and licensing reached USD 247.4 Million in the state of Colorado. Additionally, Scott Stringer, New York City’s Comptroller told CNBC that legal pot in the city could generate USD 3.1 Billion markets.
With these facts, it is quite evident that this “Green Revolution” is all set to take the world by storm. According to the ArcView Market Research and its partner BDS Analytics, the legal cannabis industry will be witnessing a prolific growth across the globe in the coming years. By the year 2027, worldwide sale of cannabis is speculated to touch USD 57 Billion. With countries such as Israel, USA, and Germany at the forefront, there will be a revolutionary turnaround in the worldwide cannabis market in the coming years.