Marijuana Products to Exceed $20 billion in US by 2022
If you don't line in a state where marijuana is legal, you probably do not understand the amount of money and tax revenue that is being made. We are in Las Vegas, so we see first hand how the cannabis industry is booming in Nevada.
If you go to any dispensary, you will see a steady stream of people going in and out, black bags in hand. This is pretty much happening all day, every day.
The Marijuana Business Daily projects that because cannabis retail sales are increasing year over year, the industry itself will most likely see retail cannabis sales in the United States exceed the $20 Billion mark by the year 2020.
That is a lot of cash flow!
Lets break down the numbers:
In 2018, marijuana sales increased 50% compared to 2017. Currently, sales are set to hit between $8 - $10 billion mark by the end of 2018. Since recreational marijuana is only legal in California, Colorado, Nevada, and Washington, those are definitely huge numbers.
We are WAY past the profile of the typical marijuana user, as they smoke weed out of their pipes or rolled up in a joint. We are now talking about
- Branded cannabis beverages
- Vaporizer products
- Edible and non-edible products
Cola Cola is said to be looking at producing their iconic cola beverage infused with cannabis. There are many chocolate and brownie products out there, and you can even get some cooking oils to enhance those weekend dinners.
We are just at the tip of the iceberg here, as this industry is poised for incremental growth.