Favorability toward cannabis has been a big reason why
You may not realize it, but the legal weed industry is among the fastest-growing in the United States. Marijuana Business Daily released a report last year entitled “Marijuana Business Factbook 2017” that called for a whopping 45% legal pot sales growth in the U.S. in 2018 and an aggregate tripling in sales between 2016 and 2021 to approximately $17 billion. The big bump in 2018 is a result of California opening its doors to recreational marijuana sales, as well as organic growth in existing legal states.
Favorability toward cannabis has been a big reason why sales are soaring, as well as why marijuana stocks have doubled or tripled in value over the trailing year. Respondents across five national polls since April 2017 have overwhelmingly favored the idea of legalizing pot for adult use. A separate poll from the independent Quinnipiac University this past August found that 94% of Americans are behind the idea of legalizing medicinal cannabis, compared to a mere 4% who oppose the idea.
However, the view most people have of the pot industry is probably very linear. They simply see growers, distributors, and retailers, when in reality there’s much more. There are consultants, delivery companies, supply chain management providers, processors, venture capitalist, event planners, and so much more that I’m not even mentioning here. You could rightly say there’s a “canna-verse” out there that’s probably going unnoticed by most of the American public and investors.
To Read The Rest Of This Article On The Motley Fool, Click Here