Certainly, you will have heard or read about how cannabis is the most commonly cultivated and trafficked drug in the United States. Also, the agitation for its legalization across the country has immensely grown over the years.
With some states legalizing Marijuana for personal and medical use, there has been a lot of significant interest from investors, researchers, manufacturers, and medical facilities.
However, despite the drug being considered illegal from the federal government’s point of view, the legalized section of the industry is worth more than $14 billion at the end of 2020. More so, it is estimated to have provided more than 340,00 jobs only in the Marijuana planting industry. New Frontier Data provided and verified this data, which shows a huge potential in the Marijuana Industry in the United States.
The cannabis business worth might not be truly estimated until the entire US jointly legalized it. The District of Columbia and 35 other states have fully legalized the use of Marijuana, out of which 16 states only permit adults to use it for recreational purposes. The good and interesting thing is that the number keeps increasing yearly as new states are formulating laws and regulations to guide and control the use of Marijuana across the US.
This piece explores the future of Marijuana uses in the United States and the potential market for the drug in the coming years.
The Estimated Value Of The US Cannabis Industry.
The cannabis market in the US is projected to be about $30 billion annually by the year-end of 2025. This estimate shows a growing interest in what the business will turn out to be in the future. As cannabis Legalization expands into the new states, some members of the federal congress are hoping that the laws will be reformed to eventually accommodate the total Legalization of Marijuana in all states of the US.
One important keynote is that the cannabis market will soon break free, expand its territory, and open pathways for new market capitalization.
It is undeniable that the cannabis market is a multi-billion dollar industry, and the rapid growth experienced will certainly continue to increase as the adult-use, and medical importance are reviewed.
States That Voted For Cannabis Legalization In The Year 2020
Impact the states that have adopted Marijuana as a legal drug has also impacted other states. In November 2020, five states voted during the election, while sixth state results will be dependent on the court decision.
- The State Of Arizona: In Arizona, voters would be the ones to determine whether the state should go ahead and legalize the use of Marijuana or not. The use is targeted at adult-use programs. More than 420,000 signatures were collected to support the legalization of cannabis in the state. The estimated value for the adult use of cannabis in Arizona is expected to generate up to $750 million in the annual turnover based on the cannabis new Box report.
- The State Of Mississippi: In November, the state of Mississippi voters chose to have its state legalize the use of Marijuana for medical purposes. An initiative called 65 was developed, which successfully gathered about 105,000 signatures supporting medical marijuana legalization. Aside from this grassroots campaign, there is also alternative voting called 65A proposed by the state legislators to upvote the legalization of cannabis in Mississippi. If the voting goes through, the approval would be majorly based on medical Marijuana while other aspect regulation would vary.
- The State Of Montana: After various petitions had been gathered, the voting results totaled 130,000 signatures pushing for the legalization of cannabis in the state of Montana. The voting is geared towards the approval of the adult-use cannabis program in the state, seeking the reform of laws against the use of the drug. Based on the cannabis business plan report in 2018, the medical Marijuana program is believed. To generate about $45 million in sales yearly. Expanding the laws to cover adult recreational use will certainly increase that figure.
- The State Of New Jersey: after various failed attempts to legalize the adult use of Marijuana in the state, the state’s legislative arm has left the decision to the hands of voters in November to decide what their preference would be. If this measure is approved, the state of New Jersey would be the state with the lowest taxation of cannabis sales. The state’s Marijuana industry is estimated to be worth more than $1.5 billion annually if the voting is accepted and the measure passes.
- The State Of South Dakota: South Dakota voters have the ball in the court as they have been left with the decision to vote for the Legalization of both adult-use Marijuana and medical use. However, no other state has successfully crossed the part of having both the medical use and adult recreational use of Marijuana programs legalized at the same time.
Nebraska could also join these five other states who are continuously pushing for the Legalization of Marijuana in their states. The petitioners hoping to have Marijuana legalized in their states could collect up to 182,000 signatures, 60,000 more than the required votes.
The Major Point Of The Votes And Demand For Legalization Of Marijuana
As more and more states push for the Legalization of Marijuana, the industry’s potential growth is estimated to be more than a 200 percent increase in the yearly turnover. This indicates that the industry is ready to grow and expand, thereby creating new opportunities for the state’s citizens.
Potential Growth In The Marijuana Industry
Of course, as more and more states legalize the use of Marijuana either for medical purposes or for adult recreation, there will be an increase in demand.
The increase in demand will certainly create a ripple effect in the plant-touching aspect of the cannabis business in the future. Of course, there are three major sections of the plant-touching business: the Breeders, the cultivator, the manufacturer, and the dispensaries. All this section of the industry will experience exponential growth while helping to define the future of the Marijuana Industry in the United States.
