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Could a Major Marijuana Hurdle Finally Be Removed in 2017?
The marijuana industry could be described as the fastest growing industry within the United States. Though there are numerous industries that have 20%-30% compound annual growth potential throughout the remainder of the decade, few can claim to have what's expected to be nearly 24% annual compounded growth potential over the next 10 years, according to investment firm Cowen & Co. By 2026, we could be talking about $50 billion in legal pot sales in the U.S.
A major shift in the public's opinion has been a key factor in the success of cannabis. Two decades ago, there was just a single state that had approved medical marijuana (California), and a mere 25% of Americans supported the idea of full legalization of pot. In fact, the War of Drugs was still in full swing in the mid-1990s.
Today, however, 28 states have legalized medical cannabis, and residents in eight states over the past four years have voted to allow recreational weed to be sold to adults ages 21 and up. This rapid ascent of legal marijuana comes as favorability toward a nationwide legalization has jumped all the way up to 60%, an all-time high. The favorability of medical marijuana is even higher, with six out of every seven Americans wanting to see it legalized nationally.Content originally published by Fox Business on December 17, 2016.