The report is in, and the news has never looked so good for those in the cannabis market, the industry is slated to grow immensely this year. For 2017, New Frontier Data projects the industry to grow upwards of $5.3 billion dollars or 67 percent of total cannabis Sales.
As more states legalize marijuana or cannabis to fuel their shortfalls in budgets, and more people begin using the plant for recreational and medical purposes, anyone involved in the business of cannabis stands to win - and win big!
According to the data, in states where it is currently legal, analysts expect to see $13.2 billion in medical sales by 2025.
55 percent of medical sales will account for all sales. For adults, the same report predicts in 2017, $2.3 billion in adult sales to be reached, and further rising to $10.9 billion in sales by 2025.
To continue the trend of good news, the CEO of New Frontier Data, Giadha Aguirre De Carcer released a statement via a Newswire, and said that cannabis stocks have significantly outperformed major indexes during the year 2016. Prior to the 2016 election, De Carcer said stocks grew by 207.8 percent. This, despite some of the volatile comments made by the Trump administration in regards to marijuana or cannabis legislation, the industry is expected continuing to amass growth.
States Continue To Inhale Tax Benefits
While the Federal government hasn't lifted its legal shield up and off marijuana and cannabis, states have shown they are eager and ready to partner up with the industry in order to gain the benefits from the revenue it generates.
In a Forbes article, citing a report from New Frontier Data, states that have legalized marijuana, are on track to generate $655 million in state taxes just from retail sales alone.
Those figures are expected to trend north, as the data projects sales to reach $1.8 billion in tax revenues.
This, of course, gives advocates and pro-marijuana enthusiasts all of the ammunition in promoting and advocating for the legal passage of marijuana, while state governments will have a more difficult time saying no, as the marijuana revenue is three times that than the tax distributed from alcohol.
The Positive Effects of Using CBD
Adding more fuel for the marijuana and cannabis campaign, a survey conducted by the Brightfield Group and HelloMD, says 42 percent of Cannabidiol users, or CBD, have stopped using traditional methods of pain management such as Vicodin and Tylenol. While that's not good news for Big Pharma, it is certainly welcoming news for those who have been on the front lines in battling the opioid epidemic.
