Forget California: This State Is Far More Lucrative To The Cannabis Industry
Over the next decade, legal cannabis is expected to be one of the fastest growing industries on the planet. After generating $10.9 billion in legal worldwide sales in 2018, various Wall Street estimates have called for between $50 billion and $200 billion in global sales in roughly a decade’s time. No matter how you slice the data, it calls for an average annual growth rate that’s in the double digits.
However, these global sales figures are a bit misleading, because the United States is expected to make up such a considerable portion of global sales. Investment bank Stifel, which has the most aggressive 10-year sales forecast on Wall Street, is calling for $100 billion in annual legal weed sales in the U.S., comprising half of all global sales. Meanwhile, Christopher Carey at Bank of America believes the U.S. can account for 34% of his firm’s utopian global annual sales target of $166 billion.
There is, of course, one not-so-tiny problem: Marijuana is illegal, according to the federal government’s Schedule I classification of the drug. Still, this hasn’t stopped individual states from passing medical and/or recreational cannabis legislation over the past 23 years. Today, 33 states have legalized medical marijuana,