According to numbers crunched recently by business market research firm IBISWorld, legal marijuana sales in the States will rise exponentially at no less than 30 percent for the next five years.
This means come 2020, the legal marijuana industry will be worth somewhere in the market of 13 billion dollars–and growing.
As of now, it looks like the market will land at somewhere around $3 billion come year end, with nearly 110 million Americans over the age of 50 expected to partake in 2015. Yes, over 50. Meaning that number doesn’t even come close to including the bulk populous of pot-partaker in the US, and probably the Americas as a whole, really.
Whether it be smoking, eating, rubbing or breathing, people are consuming products produced and distributed within the nation at a whopping rate, especially in comparison to most other major consumer markets. Entry-level trimmers can earn up to $15 an hour. Home-cooked operations are being sold to and bought by commercial cultivators for boatload prices. And consumers continue to buy. More and more with each day. Not only are we talking fastest growing business sector in the nation, we’re looking at the highest paying entry-level jobs for non-college graduates in history.
IBISWorld’s reports remind us, though, that despite these remarkable numbers, the main hurdle for the industry remains the federal government’s reluctance to legalize. All businesses are forced to walk a tumultuous tightrope for fear of being shut down, and will continue to do so until some kind of leniency is instated. But with a continued roll of state legalization, and an ever-growing money pit of sales, we find it hard to believe that somewhere down the line the eggheads in charge won’t remove the sticks from within them and listen to the good word of the main mans Peter.
Until that time, we’ll just have to watch the dollar signs.