How Recreational and Industrial Use of Marijuana Has Grown

By Harish Chandra  |  Wednesday, 23 October 2019, 12:54:32 PM IST

How Recreational and Industrial Use of Marijuana Has Grown

In 2018, medical marijuana sales reached $3.8 billion dollars, and recreational marijuana sales reached $6.2 billion dollars. In 2019, those numbers are expected to be between $4.2 billion and $5.2 billion for medical marijuana, and $7 billion and $8.5 billion for recreational. By 2023, the numbers could reach as much as $8.4 billion for medical marijuana, and $22 billion for recreational marijuana.

The Majority of Americans Support Legalization of Marijuana

One report showed 74% of millennials support legalization, followed by 63% of those born during Generation X and 54% of Baby Boomers.  Another report showed the main reasons they supported it were because it helped with medical issues, and because it would allow law enforcement to focus on more violent crimes.

Marijuana Companies Have Started Selling Stock

Both growers and companies that support medical marijuana in other ways have started selling stock. A few of the best marijuana stocks are listed on the NYSE and the NASDAQ, but most are listed on the OTC Markets Group. Some of the companies that sell stock include:

  • Canopy Growth Corp - This Canadian marijuana company is the largest publicly traded marijuana company. It makes and markets both recreational and medical strains. Because of its association with Snoop Dogg, Tweed is one of its most popular brands.
  • Aurora Cannabis Inc - This company is also based in Canada; they recently acquired MedReleaf in what is considered to be the biggest marijuana deal so far.
  • Terra Tech Corp - Their focus is on making and dispensing medical marijuana. It has three different brands - its medical marijuana brand is called IVXX, its cultivation brand is called Edible Gardens, and its medical marijuana stores operate under the name Blum.

Should Cannabis Be Legalized at a Federal Level?

Yes. Many states have already recognized that marijuana is valuable for treating a variety of medical conditions, and is not as bad a drug as people once thought. For this reason, it should be legalized at the federal level. Doing this will help in many ways:

  • It reduces the possibility that young people will use it.
  • It keeps profits out of the hands of criminals.
  • It helps strengthen law enforcement initiatives to deter the sale of marijuana outside the law, especially to young people.
  • The US could create strict regulations regarding producing, selling, and distributing it.
  • The US could tax legal cannabis sales.

These are just a few of the ways marijuana has become a global phenomenon. As the marijuana industry continues to grow, we suspect more states will legalize it for recreational and medical purposes. One of the famous celebrity Kodak black will caught for marijuana. This will transform medical care and help reduce crime related to marijuana use and possession.

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