According to Fortune, legal marijuana sales are soaring.
The persistent legalization of marijuana sales nationwide is proving as fruitful as a freshly trimmed batch of Fruity Pebbles. Sales of legalized marijuana in North America has busted far past the expectations of experts -- predicted to hit $10 billion this year. A report from Arcview Market Research claims retail cannabis sales will jump 33 percent over 2016's totals -- a much faster rate then the group had predicted in the past. The best part? Researchers say 2018's numbers should surpass even that, by an even greater percentage. The interesting part is, though anyone who has stepped foot into a dispensary can tell you, the marijuana industry is so much more than just buying pot. The persistent success of the industry comes by way of all of the innovative products, services, and technology that has budded from initial legalization."Aside from cryptocurrency, there is simply no other industry changing as rapidly or as unevenly as the cannabis sector." - Troy Dayton, CEO of The Arcview GroupThe marijuana industry is growing, there's no doubt about that. Not just in Colorado but all over, forcing law makers to reevaluate how marijuana is seen on a federal level. Despite the vast amount of controversy the proposed tax reform has garnered, there is actually a possibility for it to help the marijuana industry grow even further. With help from Cory Gardner, plans are in motion to add an amendment to the tax package that could allow marijuana companies to utilize common tax deductions and credits -- for example, dispensaries that hire veterans for security. Currently, marijuana businesses are not awarded the same tax breaks as many other companies/industries. Gardner claims adding this amendment "...would put [marijuana companies] in line with other businesses," leveling the playing field to further growth for marijuana businesses. Still the amendment is up in the air. "It may or may not happen, but I'd like to see it happen," said Gardner. Tax breaks or not, though, the marijuana industry is doing quite well for itself given the numerous federal obstacles it has yet to overcome. California's medical marijuana market is already far larger than Colorado, Washington, and Oregon combined -- and in 2018, the state will start recreational sales, so marijuana sales are expected to climb even more. According to Arcview, given the boost from Cali and others could change their laws, they expect the legal cannabis market to reach sales of $24.5 billion by 2021. As for Colorado, marijuana sales continue to soar. We've already surpassed $1 billion in sales two months earlier in 2017 than in 2016 (according to tax-revenue data from the Colorado Department of Revenue). These sales totals, comparatively to last year's, show a year-over-year increase of 21 percent.
As we previously stated, this isn't just sales in flower -- the marijuana industry is vast, and there are a plethora of products to explore for the cannabis connoisseur.
LivWell Enlightened Health, for example, has their hands in several different industries within marijuana. Apparel, topicals, edibles, concentrates -- the marijuana world is truly at the consumer's fingertips.
Have cramps? There's a product for that. Looking for the best deals? There's an app for that. Want to learn how to roll a perfect joint? There is a whole weedy world of YouTube to check out.
The best part about the boom and subsequent success of the marijuana industry is that it's an industry that gives back. Sure, you may complain that taxes on marijuana are a bit insane, but when you consider how those taxes get put back into the community, you feel a bit better about it.
For example, not only are certain funds allocated to schools who apply for grants to better their programs; marijuana tax money has gone into some great anti-bulling campaigns for schools, they're going to mental health programs in local municipalities, and they are helping create programs (and proof) to assist with opioid addition. Even the dispensaries themselves are putting their funds back into housing the homeless and bettering their surrounding communities.
End of the story is, marijuana isn't going anywhere. While there is some concern with the powers-that-be attempting to besmirch the name that is marijuana, the economic impact of marijuana sales is undeniable. Not only is it undeniable, it's proving to be even more lucrative than previously anticipated.
