Emerging Markets: Legal Cannabis States to Look Out For
With Trump signing the 2018 Farm Bill that allows the cultivation of hemp and transfer of hemp-derived products throughout the country, plus Jeff Sessions finally being out of the picture, 2019 is expected to be a good year for the cannabis industry.
Whether you’re a CBD enthusiast or not, this news about the legal status of CBD in America is going to raise billions of dollars in subsidies to American farmers. Having CBD legalized in all 50 states leads us one step closer to full legalization of marijuana in America.
Despite the illegal status, the marijuana market in America keeps growing and expanding all over the country. Thirty-three of the U.S. states have legalized marijuana for medicinal purposes, and recreational cannabis is legalized in 10 of these 50 states. It is estimated that 70% of the America adult population has access to legal marijuana nowadays. For more information, navigate here : Medical Marijuana in Maryland.
Marijuana emerging industry raised around $9.5 billion in sales in 2017, according to a report released from BDS Analytics and ArcView Market Research. BDS Analytics also reported that the cannabis market raised $12.2 billions in sales 2018 and it is expected to raise $16.9 billion in 2019, 38% more than it raised in 2018.
“The entry of some of the largest alcohol and tobacco companies into the cannabis sector, as well as the Congressional passage of a Farm Bill legalizing growing hemp in the United States, were key to making 2018 a year of historical importance,” said the CEO of The ArcView Group, Troy Dayton.
Tobacco, alcohol and some pharmaceutical big companies have already started investing in cannabis and developing cannabis-based products. It’s how people say, “If you can’t beat them, join them.”
Some cannabis experts claim that within two years, half of the U.S. states will have legalized marijuana for adult use. So, what are the U.S. states you should keep an eye on?
According to a report from ArcView Market Research and BDS Analytics, some states cannabis market are on their way of spending up to $1 billion or more until 2022. Which take us to the list:
Okay, California it’s an obvious rentable marijuana market. In 2017, the amount of money spent on cannabis was around $3 billion. By 2022, it is expected that California cannabis market raises $7.7 billion. -The economic impact of the California marijuana industry could reach 15 billion by 2022.
The amount of money spent on cannabis in Colorado reached $1.5 billion in 2017. These numbers are expected to rise to $2.5 billion by 2022. The economic impact of the California marijuana industry could reach $4.6 billion by 2022. Although these numbers are not as expressive as California numbers, it is still a great quantity of money. Especially for a market that is not nearly as developed as California’s market.
While Florida’s market hasn’t reached the mark of $1 billion dollars on marijuana spending in 2017, it is expected that more than $1.7 billion dollars are spent on marijuana in Florida by 2022. The amount of output is expected to reach $3.3 billion. These numbers are highly positive, having in mind that Florida doesn’t allow marijuana for adult use.
The total amount of marijuana spending in Washington reached $934 million in 2017. Within the next four years, the marijuana spendings will reach around $1.5 billion, with an economic impact of $2.8 billion.
Michigan has one of the biggest medical marijuana programs in the U.S. and the total marijuana spendings in 2017 reached a total of $812 million. It is expected that by 2022 the marijuana spending in Michigan could rise up to $1.4 billion and has a total output of $2.6 billion.
In case you’ve been waiting to get into the marijuana market, you may want to invest in one of these states mentioned above. Also if you need medical marijuana card; pop over to this website.