Sales figures suggest that the cannabis industry is growing faster than the internet. The number of people that use cannabis each day keeps growing. Cannabis sales amounted to $6.7 billion in 2016; 30% more when compared to 2015. The biggest contributor is the legalization of cannabis in various states and provinces. According to some estimates, cannabis revenue is expected to reach $20 billion dollars by 2021 in North America.
Some Analogies Will Help Put Things In Perspective
Dot.com and cable TV are perhaps the only businesses and industries which have grown so fast in the recent few years. Cable TV growth has been growing at a rate of 19% year over year. The internet is growing at a scorching pace of 29% year over year.
The New Government May Have A Role To Play
The Trump administration is quite upbeat and positive about the use of cannabis for medical purposes. However, Trump and his administration may not be for the plant’s unbridled recreational use. Lawmakers are strongly reviewing the medical benefits of cannabis use. Therefore, it is very likely that cannabis use in some form will be legalized in every U.S. state.
The Year 2016 Has Been Good
The year 2016 has been excellent for the cannabis market. Seven states legalized the use of marijuana on Election Day in some form. California legalized recreational cannabis use passing Proposition 64.
Investments Are Flowing In Quite Aggressively
Investors are buying up cannabis stock due to the medicinal and therapeutic benefits of the plant’s derived products. New technologies are launched every day promising to ramp up production volume.
These sale figures are just a tip of the iceberg. The development of alternative ingestion methods will further stimulate growth. Today users consume cannabis in the form of sprays, weed-laced topical medicines, edibles, and other methods.