It’s no secret that the cannabis business is budding into quite a consumer-driven industry. Recreational marijuana is currently legal in 11 states plus the District of Colombia while medical marijuana is legal in nearly every state. As more time passes, more and more state governments support the legalization of the plant for its medicinal properties as well as the consumer market it creates.
The following four statistics and their important info regarding the cannabis industry reveal more than just an evergreen industry. They also reveal how you can take your marijuana business to the next level.
Sales Totals Increased by 50%—in Just Two Years
In the early stages of the cannabis industry, there were only a few states that had legalized marijuana for medicinal and/or recreational use. In 2016, the industry raked in about $6.5 billion, with estimated projections of $10 billion in 2017. By 2018, the industry hit $12.2 billion in sales, which was almost a 50% increase. Projections for the near future are estimated at six times that amount.
In business-marijuana terms, the more we legalize, the more we profit. If you were to create a graph solely on the rising market price of cannabis since 2016, you’d be amazed at its economic impact. That little cannabis leaf isn’t going anywhere.
93% of Patients Are Choosing Medical Marijuana Over Pharmaceuticals
In a 2017 study investigating what patients prefer to use to treat chronic pain, the results turned up that the majority were in favor of marijuana. The study involved over 2,000 participants, most of which had been using opioids to manage their pain. Overall, the general consensus was that not only did marijuana help them manage their pain better than opioids, but they were able to ween themselves off of opioid use by using medical marijuana.
In addition, there’s another option for those who cannot handle the high that THC causes. Many cannabis companies also join in on the cultivation of wild cannabis—or, hemp—to extract and manufacture CBD products. CBD is 100% legal in all states, doesn’t get you high, and is well known for the laundry list of conditions it treats.
92% of the American Legion Support it
The American Legion is the largest group of veterans nationwide. They’re also among the most supportive group pushing for full legalization. It makes sense—marijuana is well known and revered as a successful treatment for PTSD. The majority of the group supports the funding of medical marijuana research as well as using it as a medical treatment option for veterans in specific.
It doesn’t get any better than having the troops on your side.
It’s Technically Impossible to Overdose on Marijuana