Cannabis Sales were Up 30 Percent in 2016

No matter what your opinion on cannabis is, there is one thing that is undeniable, cannabis is big business. So big in fact that some experts are comparing it to the dot-com boom from earlier this century.

After last November’s historic election, 29 states and the District of Columbia have passed laws legalizing cannabis in some capacity. On top of that, eight states have legalized cannabis on a recreational level.  And with new consumers, comes increased profits. Industry experts estimate cannabis sales in 2016 amounted to $6.7 billion, a 30 percent increase, and they expect it to reach as high as $20.2 billion by 2021.

The financial information comes from Arcview, who’s Editor-in-Chief said, “the only consumer industry categories I’ve seen reach $5 billion in annual spending and then post anything like 25 percent compound annual growth in the next five years are cable television (19 percent) in the 1990s and the broadband internet (29 percent) in the 2000s.”

Concentrates and edibles are a big reason for the dramatic spike in popularity. In states where cannabis is legal, numerous patients are electing to consume cannabis through non-smoking avenues.

Even with such dramatic numbers, the study does not take into account all of the revenue generated through ancillary ventures, for things like consumption accessories, agriculture and manufacturing equipment and even real estate. Couple that with all the personnel needed to run those operations, as well as the lawyers and lawmakers still fighting the good fight for cannabis in states without legal cannabis.

Estimates now place 21 percent of American citizens within a state where recreational cannabis is legal, and although the tide appears to be swinging in our direction, Trump’s selection of Jeff Sessions to his cabinet is a big question mark. Sessions has on numerous occasions stated that cannabis is dangerous, and he is very open in his stance against it. Fortunately President Elect Trump has been vocal about his desire to keep cannabis a state’s rights issue.