The U.S. marijuana industry is growing like a weed. The legal cannabis market in the U.S. is slated to grow by 45% in 2018, and by an aggregate of 300% between 2016 and 2021 to approximately $17 billion, according to a 2017 report from Marijuana Business Daily entitled “Marijuana Business Factbook 2017.” Despite Canada being on the verge of recreational legalization by this summer, it’s still the U.S. market that offers the greatest sales potential and long-term value to marijuana stocks and businesses.
It’s not hard to understand why these sales figures are exploding higher, either. Fully 64% of respondents now favor the idea of legalizing pot nationwide, according to an October 2017 poll from Gallup. This represents the highest reading in the 48 years Gallup has surveyed Americans on their perception of cannabis.
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By a similar token, an overwhelming 94% of Americans support the legalization of medical marijuana, compared to a minuscule 4% who oppose the idea, according to an August 2017 survey from the independent Quinnipiac University. The thought here is that strong support like this might be enough to pressure politicians into altering their stance on pot, and perhaps ultimately changing its Schedule I categorization at the federal level.
As a result, 29 states have given the green light to medical cannabis since 1996, while voters in eight additional states have OK’d recreational pot since November 2012.