Report: Legal Marijuana Industry to Earn $44 Billion by 2020
According to a recent news feature form CBS Money Watch, while it was once considered a “niche” business for those cultivating medical marijuana, experts now predict that the medical marijuana industry will bring in between $24 billion and $44 billion by the year 2020. This is as a result of the fact that more than half the states in the county and the District of Columbia have legalized medical marijuana. Some states have legalized marijuana for recreational purposes.
These predictions come from a few different sources. For example, the Marijuana Business Fact Book has estimated the number at $44 billion. To put this number in context, if the marijuana industry was able to bring in this amount of money, it will equal of the proceeds of major international corporations listed on Forbes 500.
While many argue that this number is not all that realistic, especially because it is made by the marijuana industry itself, it does show how, regardless of the exact number, we are definitely talking about billions of dollars in revenue. This is confirmed by other experts who are not directly involved in the medical cannabis business or the recreational marijuana business, such as those with the figure at a much lower, but still remarkable figure of $25 billion. Even this lower figure equals or surpasses the gross domestic product (GDP) of some countries.
This research not only takes a look at the money that has already been raised in the medical cannabis business, but it takes a look at what money will be made if the trend of legalization of marijuana continues. Based upon a recent national poll, nearly 60 percent on the American public supports legalization of marijuana for adults for recreational use. When comparing this to polls taken of the past few decades, it seems more than likely that the number of Americans that support legalization of marijuana will increase in the future. As this occurs, more and more states will legalize marijuana, and the amount of revenue will grow.
There is also the possibility that once the vast majority of states legalize marijuana, Congress will finally remove marijuana from schedule One of the United States Controlled Substances Act of 1970. This would allow people to finally purchase marijuana and transport it across state lines without any unnecessary fear of being arrested.
Unfortunately, people are still being arrested for marijuana-related criminal charges in Los Angeles. This is especially true in the case of drugged driving arrests. If you are arrested for driving under the influence of marijuana, you should make sure you speak with an attorney who regularly handles these types of cases and knows the science behind fighting a charge.
One of the issues involving defense of medical marijuana cases is that if the police have a hospital draw blood or take a urine test, they will not find any quantity of THC in the test results. The reason for this is because tests only show a metabolite of THC that does not cause anyone to get high no matter much is present.
The Los Angeles CANNABIS LAW Group represents growers, dispensaries, collectives, patients and those facing marijuana charges. Call us at 949-375-4734.
Legal marijuana: A $44 billion business by 2020?, March 17, 2016, CBS Money Watch, By David Schepp
More Blog Entries:
Kosher Medical Marijuana for Orthodox Patients Available, Jan. 23, 2016, Los Angeles Marijuana Lawyer Blog