Legal Marijuana Sales Reach $6.7 Billion in 2016
It may come as a surprise to many, but in 2016, marijuana sales grew at an alarming rate. A total of $6.7 billion worth of marijuana was sold legally in both the United States and Canada – that’s a 30% increase of the legal sales of marijuana in just one year. And, as unprecedented as those numbers may seem to be, they are nothing when they are compared to the sales that are projected from now until 2021; it is estimated that the sale of legal marijuana will grow to more than $20.2 billion between 2016 and 2021. That’s a $13.5 billion increase in sales in just five years.
To put this rise in the legal sale of marijuana into perspective, the growth is bigger, and at a more rapid rate than the rate of growth during the “dot-com” era. During that era, the GDP rose at a rate that had never been seen before; 22%. So, when you think about how much the legal sale of marijuana is projected to grow – at a rate that is even higher than one of the biggest growth rates ever in history – you can really see how impressive these projected sales increases are. Tom Adams, the editor-in-chief of Arcview, said the only areas that he ever witnessed reach a $5 billion yearly increase in spending were in the sales of cable TV in the 1990s and broadband Internet in the 2000s. Troy Dayton, the Chief Executive Officer of Arcview said one of the biggest reasons why the growth of marijuana sales has spiked in 2016 is because of edibles and concentrates. He noted that these are quickly becoming the preferred way to consume marijuana; people prefer these ingestion options over traditional smoking.
While the market for marijuana sales is projected to grow, the actual outlook of this growth is not very certain. This uncertainty is because of the incoming presidential administration’s stance on legalization. Though future president Donald Trump does consistently favor state rights in regard to legalization, there is a chance that he could back away from this stance (much like he has backed away from many other positions he has previously supported), it is still believed that he would be in favor of the sale of marijuana for medicinal reasons.
Given the projected sales growth of marijuana coupled with the uncertainty of what the state of legal marijuana sales will be once the new administration takes office on January 20, 2017, if you currently purchase marijuana legally – or you have plans to in the future – it is important to be aware of your legal rights. A Miami criminal defense attorney will be able to walk you through the legalities of marijuana purchase and use in the future. A criminal defense lawyer is the most trusted source for information regarding the criminal legal system, and a criminal defense law firm in Miami will be your best defense should you face legal matters in the future. It is important to note that illegal possession of marijuana in Florida can constitute a misdemeanor or felony charge, depending on the circumstances. In some cases, it even carries mandatory prison sentences.
We handle a variety of criminal law cases, so call us now if you have any questions, (305) 615-1285.
View more contact information here: Miami Criminal Defense Attorney.