Marijuana: $5.4 Billion In Sales For 2015 Prove The Industry Is A Modern Day Gold Rush


With $5.4 billion in sales in 2015, the marijuana industry is proving that it is an economic powerhouse that is here for the long term. Sales in 2015 increased by $1 billion from 2014, and projections for marijuana sales for 2016 are estimated at $6.7 billion. Experts have even forecasted that by 2020, the United States could see sales break the $20 billion threshold.

So far, marijuana is legal for medical or recreational use in 23 states. California, Nevada, Arizona, Massachusetts, Maine, Rhode Island, and Vermont are set to vote in 2016 to legalize recreational use. Florida, Ohio, Missouri, and Pennsylvania will be looking at legalization for medical purposes. Brandy Keen is the co-founder of Surna. Surna is responsible for making products that aid in indoor growth of marijuana. She comments on how the industry is changing.

“There is still a ertain stigma around it. This is an industry that came out of the basement. It grew out of closets and basements and hidden facilities in cinder-block buildings.”

Recreational use of marijuana was responsible for nearly $1 billion of the $5.4 billion that was spent in 2015. This was an increase from $351 million from 2014, which makes sense since some of the stigma of using the drug has started to wear off. Lawmakers are starting to change their views on legalization, and they are seeing that the tax revenue generated is helping the states where it is legal.


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Colorado has been seen as the testing ground for marijuana legalization. The amount of people employed in the marijuana industry in Colorado are about the same number of mechanics in the state. The income that Colorado has generated from taxes on the industry have proven that the drug is a serious money maker for the state.

One of the hurdles that still impacts the marijuana industry is the fact that business dealing in the drug still can’t use banks like other businesses. Until federal laws on marijuana are repealed or altered, banking will remain out of reach for the legalized pot industry. Even though banking is still an issue, Wall Street has taken notice of the gold mine that is happening.

“The promises and headwinds of the industry are potentially far-reaching and attracting notice on Wall Street. As more states legalize marijuana sales, analysts are weighing the stock market benefits of new businesses as cannabis goes corporate. Funds are considering the ethics of investing in marijuana. Parents are even debating whether to allow their children to buy the stocks.”

A report done by the New York Times looked at the marijuana industry and how 2016 could be a tipping point in the United States that leads to widespread legalization from coast to coast. With 2016 being an election year that is rapidly heating up, none of the presidential candidates are really speaking out about marijuana legalization. Marijuana is a topic that young voters have been able to get behind, and they are looking for a candidate that shares their views.

“Though public opinion is shifting toward embracing cannabis reform, presidential candidates are more reticent to support legalization.”

Whether legalization of marijuana will become a more pressing issue on the campaign trails is yet to be determined.

Are you surprised that the marijuana industry has been generating billions of dollars?

[Image via AP Photo/David Zalubowski]

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