2018 saw huge growth and profit for the Cannabis industry and 2019 is right on track with seeing even more growth. We saw more U.S. states such as Michigan, Oklahoma, Missouri, and Utah approve medical marijuana. These states follow in the footsteps of other states such as Washington, who became the first U.S. state to legalize medical marijuana in 1998 and opened their first public recreational cannabis stores in July of 2014. Michigan is the first Midwest state to approve the use of recreational Marijuana. We have yet to see how the legalization will affect the states surrounding Michigan.
The Oklahoma cannabis market is predicted to reach $100-$150 million while Missouri is expected to reach $175-$276 million. Utah’s market expectations are predicted to reach $15 to $25 million.
Due to the high growth in sales, job growth will increase by 21% by 2022. Compared to any other industry, this is huge. There are currently about 125,000 to 160,000 workers employed in the cannabis industry and it is predicted to increase to around 340,000 by 2022.
Right now, Cannabis is illegal on a federal level but that is predicted to change hopefully very soon. When Congress considers the growing legalization of marijuana at the state level they will have to take a more thorough look at what it would mean to legalize marijuana nationwide. By legalizing marijuana federally, it has the potential to bring in more than $132 billion in tax revenue and create over a million new jobs. This potential is definitely something they can’t afford to ignore. Studies show that marijuana sales would exceed cigarette and tobacco sales. Six-in-ten Americans are in support of legalizing marijuana, studies suggest. Our federal leaders are going to find it difficult to ignore this growing support along with the predicted growth of the cannabis industry.
In 2018, we saw huge investments into this market by a large number of companies and these type of investments are expected to continue in 2019. Marijuana sales increased in 2018 from $6.6 billion in 2017 to $9.3 billion in 2018 and are expected to increase even more in 2019 up to $13.5 billion. It is expected that the Cannabis industry will grow 3 times as much in the next 3 to 4 years.
Due to the increase in sales predicted for 2019, now is a great time to become an investor. Many companies in the cannabis industry have made purchasing shares available on public stock markets. The most convincing reason to invest at this time would be the growth potential. There is not only a market in the U.S. but internationally as well. International countries such as Germany and Canada have seen huge growth in the Cannabis industry and there is a great possibility that the global market will experience triple growth from 2019 to 2022. According to Arcview and BDS Analytics, worldwide spending on legal cannabis in 2019 is expected to increase 40% to $18.1 billion. $14.4 billion is expected to come from U.S. sales where the market is the biggest. During the next few years, investors should have some pretty amazing returns.
The future for the Cannabis industry is looking pretty favorable. It will be exciting and interesting to see where this will all lead to in the future. We can all be hopeful for even more breakthroughs in the years to come.
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