Americans Spent $53.3 Billion On Weed Last Year (Most Of It Illegally)

It's safe to say most people, especially if you are reading this, have all tried marijuana before. Well, people in America sure have and in fact, spent over 53 billion dollars doing so last year!

Marijauna has been used for centuries for a multitude of reasons besides just getting high. Cannabis has loads of different medicinal properties and is ever so increasinging it's popularity throughout the years. 

However, Marijuana in a lot of countries is still illegal but that doesn't tend to stop anyone from getting it. Especially in America where a recent report have shown almost yearly the price spent on marijuana, legally and illegally, is just over $53 billion. 

In its report, ArcView found the illegal cannabis market comprised 87 percent – roughly $46 billion – of the cannabis sales to have taken place in 2016. The $6.9 billion in legal cannabis sales is likely to increase dramatically in the coming years, the report found: By 2021, the legal cannabis market is slated to balloon to around $21.6 billion.

Much of the growth over time will be attriubuted to states who have legalized, recreational and medical marijuana such as Nevada, Massachusetts, California, Washington and Maine. 

According to ArcView’s CEO, Troy Dayton, the continued explosion of growth in the cannabis sector is less about invention and more about the transition: Because the market already exists – albeit often in an illegal fashion – the industry does not have to expend as much energy as one being created from nothing.

In contrast to comparable markets with fast growth from zero to tens of billions in recent decades such as organic foods, home video, mobile, or the internet, the cannabis industry doesn’t need to create demand for a new product or innovation – it just needs to move demand for an already widely-popular product into legal channels.

Antoher reason why the legal market will start becoming more popular is the aray of items and products you're able to choose from such as; drinks, edibles, candy, oils, and a wider selection of marijuana strands. 

It’s one of the major reasons that people are going to leave the underground market to go to the aboveground market. It’s about variety… You just can’t get these products on the underground market.

For the next four years it's predicted the legal cannabis market will increase at an annual rate of 26 percent. 

The $21.6 billion figure that the legal cannabis industry is expected to generate by 2021 is all the more eye-popping when compared to the numbers of other industries: According to data published last year, the projected sales of legal cannabis in 2021 eclipse the combined 2015 sales figures of Subway ($11.5 billion) and Burger King ($9.5 billion).

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Americans Spent $53.3 Billion On Weed Last Year (Most Of It Illegally) Americans Spent $53.3 Billion On Weed Last Year (Most Of It Illegally) Reviewed by Jamm Real on 18:46:00 Rating: 5
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