The marijuana industry is a fuckin’ gold mine.
California, America’s top market for cannabis, hasn’t even made it legal yet, and it’s already flourishing. With that said, Marijuana Business Daily’s new Factbook analyzed the numbers and predicts that the entirety of the marijuana business will generate over $30 billion in economic impact annually by 2019.
Currently, the publication says the market is generating $10 billion worth of revenue, with $3.1 billion coming straight from direct dispensary and recreational sales.
The totality of the rest of the number comes from the “marijuana multiplier” effect, which it says includes “money spent by growers, retailers, infused product makers, testing labs and ancillary product and services firms on business expenses, ranging from staff salaries to security.”
The report estimates that every dollar of cannabis sold at the retail level in states where medical or recreational cannabis is legal adds at least another $2.60 to the economy, much of it at the local level.
With more medical cannabis predicted to boom soon, dispensary revenues are expected to rise like crazy:
Revenue generated by dispensaries and retail stores is projected to more than double over the next few years as more states legalize and the industry expands, hitting $6.5 billion-$8 billion by 2019, according to the Factbook.
The big loser: the illegal pot market. And that’s perfectly cool with me to be honest.
