Marijuana Projections Reach $40 Billion by 2020
According to the Marijuana Business Daily, marijuana is projected to be one of the fastest growing companies in history. Marijuana is branding herself as the business to be in over the next couple years. With so many medical and recreational benefits. The sky is literally the limit. Marijuana impact numbers are separate from marijuana sales. The impact numbers represents all sale generated from the sales of everything from bongs, pipes, clothes, medicine etc. This will help generate the $40 Billion projection by 2020. With so many different avenues for making a profit people are being more creative.
The marijuana magazine assigned the marijuana industry a economic multiplier of 4, which means every dollar spent on marijuana leads to another $3 going in the economy.
The momentum of marijuana is growing rapidly with medical marijuana in so many states. With places like Colorado, Washington & Oregon. Recreational marijuana sales will continue to also increase over time.The actual sales of marijuana is estimated around $3.5 billion to $4.3 in 2015. in 2014 sales were between $2 billion to $2.4 billion.
We are currently at the beginning of this emerging business. There are a lot of rules and stipulations, that is making it hard for people in the marijuana industry to profit from sales. Stipulations like not being able to open a bank account for a marijuana related business. This makes it dangerous for store owners who sell different products. Having to keep so much cash on hand is a safety issue. With marijuana still being classified as a schedule 1 drug, this also effects the industry. Researchers are not able to study marijuana for its full capabilities. Without breaking federal laws. Online and mainstream advertisers as of now want nothing to do with the industry. Companies like google and fb have banned all marijuana advertisement from there platforms. They fear that one day the government might step in and use federal laws to seize money earned from illegal transactions.
With so much uncertainty about marijuana in the present. This has not stopped business owners from capitalizing in this industry. Once the market fully opens up for marijuana, that’s when we will see the official marijuana boom in America.
Source: Yahoo business