If you haven’t yet taken the legality marijuana serious, it is about time you do as long as you are an American and have the privilege to vote. Many voters have embraced the idea of medical marijuana since so many people are benefiting from it. Recreational marijuana users have also benefited and like the idea that they do not have to hide anymore when smoking weed as long as they follow the legal guidelines.
As more people adopt to the idea of marijuana, cannabis sales are increasing in the states where marijuana is legal. Cannabis dispensaries are reporting high cannabis sales and a booming marijuana industry and market. But, it may be too early to tell just how big the cannabis market will get. We can surmise from the current cannabis sales that it will be huge. A new study done by cannabis industry research and investment company discovered that cannabis sales for legal marijuana increased seventeen percent in 2015 with a total of $5.4 billion. The same research study indicates that the cannabis sales growth should reach twenty five percent increase in 2017 at $6.7 billion.
The Different States
These are staggering numbers, seeing that the first marijuana dispensaries for recreational users only opened for business in the state of Colorado just several years ago. In the state of Washington, Alaska, California and Oregon, legal cannabis sales has resulted in improved tax revenues. States like Nevada, Massachusetts and Maine are also enjoying similar results. As a matter of fact, cannabis sales in the state of Washington went past the $200 million marker per quarter.
The Gap Narrows
Both visitors and residents of each state purchased more cannabis than they did prior to the second quarter of 2016. Based on the analyzed cannabis sales, it is evident that marijuana is set to taking its place in the cannabis industry for year to come. During the months of January, February and March in 2016, marijuana users spent up to $54.8 million on alcohol than they did on marijuana products. So, alcohol sales are still way ahead, but marijuana is doing well enough to be able to catch up in a few years because the gap between alcohol sales and cannabis sales began to narrow in the months of April, May and June with alcohol sales only $37 million more than marijuana. The amount of sales included the tax that each state levies on the cannabis products. These cannabis sales include various types of products, but no paraphernalia. In addition, alcohol sales did not include bear and wine.
In the second quarter of the year 2016, cannabis sales were almost $212 million. Alcohol sales during that same period were nearly $249 million. Edibles have seen huge growth because these cannabis products have a higher price tag and so have been major contributors to the increase in cannabis sales.
No Slowing Down
Some people are wondering if legal marijuana has hurt alcohol sales. Marijuana sales in the state of Washington have almost gone past alcohol sales. Even the high revenue taxes have not slowed down marijuana sales. Lots of cannabis products are still on the shelves. Residents in the state of Washington are consuming marijuana at alarming rates since marijuana has been legalized. There is no slowing down on cannabis sales. The increase in sale is a good sign that we can expect better for the future, but there are other variables to consider including the new White House administration and the nominees in the Justice Department because even today, the federal government is still not onboard with the legalization of marijuana. To learn more about cannabis sales and marijuana products, go to the Cannabis Training University today to enroll in courses.
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