In some ways, the fact that a lot of legal marijuana is being sold is not exactly “news.” People like marijuana; they like eating it, smoking it and vaping it. And if it’s legal and the price is reasonable compared to that of the black market, most cannabis consumers will opt for the legal purchase.
On the other hand, the success of legal marijuana is a story that needs to be shouted from every rooftop (as people used to say before the Internet became popular).
According to reports, sales of legal marijuana in the U.S. amounted to some $5.4 billion in 2015, up from $4.6 billion in 2014. Estimates have sales approaching $6.7 billion this year. If legal marijuana was a company, it would be a rather large one.
But it’s not a company; it’s tens of thousands of little companies all across the country providing legal marijuana and employing many people. Not only that, but these legal companies are leading the way in innovation in the industry.
Most of the sales still come from the medical sector of the industry, but that won’t be the case for long as more states pass recreational legalization laws. Reports say the legal cannabis market could exceed $20 billion by the year 2020. And keep in mind this is all money that is no longer going to the black market.
This means we are witnessing the birth and growth of an entirely new industry; an industry that grow to be among the biggest in the world. But before that can happen, a lot of laws need to be changed on a state and federal level.
The cannabis market is there. Millions of people already want to buy the product; they don’t need to see a commercial or a billboard, they already know they want it. After election night 2016, millions more of them may be on their way toward having access to legal marijuana.