Inhale This! Marijuana Market Is Worth Billions
What's up fellow munchies? A new report just released shows how America's favorite green substance to smoke is bringing in a tone of green! That's right kids... Medical marijuana is now a $1.7 billion market according to See Change Strategy – an independent financial analysis firm that specializes in new and unique markets.
According to MSNBC, this is the first time a definitive dollar figure has been given to the emerging medical cannabis industry. Let's put this number into perspective., shall we? Pfizer's little happy blue pill Viagra is generating only a couple hundred million more at $1.9 billion. Wow! That's almost “hard” to believe.
But that number is a drop in the bucket when we take a look at projected profit numbers should additional states legalize the sale of medicinal marijuana over the next five years. MSNBC goes on to report about doubling the numbers saying, “If another 20 states pass medical marijuana laws — as the study projects is possible — the market could grow to $8.9 billion in 2016.”
As of right now, the report claims that, “California and Colorado account for 92 percent of the wholesale and retail sales nationally.” No wonder my neighbors looked stoned. And by neighbors, I mean celebrities and Hollywood tabloid socialites.
The director of undergraduate studies at Harvard's Economics Department, Jeffrey Miron, doesn't exactly agree with some of the claims that Marijuana is bigger than booze. He commented, “Look, alcohol is a $50 billion industry in this country, and about half of adult consumers participate in this market on a regular basis.” (um...guilty) “Only 5 percent of American adults participate in the marijuana market.” (and...guilty again)
What we are seeing happen here, are people that once may have shied away from being in the so called “drug business” are seeing the numbers and the profit factor alone is changing their tunes. The guy who once scoffed at the stoned skater in Venice, is now looking at the adorable little procrastinator with entrepreneurial eyes. Let's face it, if him and his friends are only going to get themselves together long enough to accomplish one thing all day... It minds well be buying from you.
(Images: MSNBC & Jeff Parker / Florida Today, Politicalcartoons.com)