The marijuana industry is full of eye catching numbers. One that caught a lot of headlines today was the figure of 44 billion dollars, which is what Marijuana Business Daily projects the marijuana industry impact to be by the year 2020. That’s an enormous number, but considering what Colorado was able to do in just January 2016 alone, and that’s just one state. That number is extremely achievable if some political victories are achieved.
There are a number of states that are in the process of implementing marijuana reforms, and even more that are potentially legalizing medical or recreational marijuana. A lot can happen between now and 2020, especially this year because of the election. In order for the industry impact to grow to tens of billions of dollars there would need to obviously be some victories, but I’m very confident that will happen. That’s in addition to growth in states like Colorado and Washington that are continuing to grow. Below is a chart released by Marijuana Business Daily showing their projected growth:
These projections are part of the yearly publication that MJ Biz Daily puts out, the Marijuana Business Factbook. I have copies from years past, and there is an enormous amount of information in there. I absolutely value math, much more than any narrative. This publication is always full of the most valuable math an entrepreneur (or curious cannabis industry nerd) could ever ask for. If you own a dispensary, or want to get your product out there, or want to see what the trends are, I suggest you pick up this book.
There will be a lot of growth in the upcoming years, but the industry is also still under attack, which is something that people need to remember. The recent raids in Michigan are proof of that. If you are in the industry, remember to keep fighting for reform. It’s fine to have business ambitions, but always remember that the fight is far from over, so if we are to truly see the industry reach it’s full potential, first we have to fight for reform. Remember when you are considering profit potential to also remember that there are people sitting in jails cells across America because of prohibition.
