Over the past five years, marijuana legalization in both the medical and recreational fields have shifted public perception. Now legal in eighteen states plus the District of Columbia according to USA Today, there’s no doubt the cannabis market is growing astronomically across both the United States and Canada.
According to an ArcView Market Research report, the national cannabis market was estimated at $1.73 billion dollars in 2014. The same ArcView study estimates that the national market is on track to exceed $10.2 billion dollars by 2018, nearly doubling every two years. In the economic downturn the world has faced and especially in North American markets, the marijuana industry has become the California gold rush of the modern era.
In states like Arizona, the ArcView study indicated that the marijuana industry market was worth an estimated $142.19 million in 2014, up $35.37 million from 2013. Companies like “weGrow” out of Oakland, California have taken this tidal wave of marijuana entrepreneurship and again expanded the horizon. weGrow is becoming the first company to offer an initial IPO in the marijuana industry.
weGrow just recently opened a twenty one thousand square foot office space in Phoenix, Arizona. This company isn’t a gigantic dispensary; weGrow doesn’t actually sell marijuana at all. weGrow specializes in providing the “products and services to help safely and responsibly cultivate it.” weGrow assists through consultation on everything from licensing to dispensary and cultivation facility opening. Companies like weGrow highlight the diverse market of the marijuana entrepreneurship boom.
A recent Huffington post article states that Colorado‘s retail and wholesale marijuana sales total approximately $600 million annually. Colorado Governor Hickenloopers’s recent budget proposition estimated marijuana industry tax revenue to equate to $98 million, $40 million of which would be set aside for public school construction for 2014. The marijuana industry provides anywhere from 7,500-10,000 jobs in Colorado alone according to Marijuana Industry Group’s recent study.
Dispensaries in Colorado are also diversifying their selection, offering much more than just marijuana. In a recent CNBC Business article by Rob Reuteman, Rob was surprised at one dispensaries selection, where it was said:
“Marijuana is bought and sold in a dizzying list of edible forms, such as as caramel corn made with marijuana-laced butter, medicated chocolate covered cherries, rice sticky, rice-cake treats, frozen pizzas made with pot. Mile High Ice Cream in Denver makes dozens of flavors with marijuana.
There are bottled sodas, pills and tinctures.”
In states like Washington, the Economic and Revenue Forecast Council projects the state will raise approximately $190 million over the next four years from the marijuana.