Is legal marijuana bigger than the internet of things?
The greatest innovation in history –
Nothing on Earth today (and I don’t mean anything at all), not smartphones, automotive, aerospace, real estate, gold, oil, software, biotech, nothing … is growing as much or as fast as the legal marijuana market .
Consider this: By 2020, the legal marijuana market will exceed $ 22.8 billion (not millions, but a billion with a B). The legal market for cannabis “could be larger than the National Football League, which made $ 12 billion in 2015 revenue. Between 2016 and 2029, projected marijuana growth is expected to reach $ 100 billion. – a growth of 1,308%.
Estimates place the number of marijuana users at some point in the neighborhood of 50 million people. Up to 7.6 million indulge themselves daily. Of the 83.3 million millennials, 68% want cannabis to be legal and available. Once legalization takes hold everywhere, dozens of established companies, in the tobacco industry … in agriculture and irrigation … in pharmaceuticals, will want to intervene without hesitation. And if you want more proof that marijuana is going mainstream, consider this …
On November 8, tens of millions of Americans in nine states went to the polls and voted on the future of marijuana. California, Massachusetts, Maine, and Nevada voted to legalize the recreational use of marijuana. And voters in Arkansas, Florida, North Dakota, and Montana passed ballot bills that legalize medical marijuana. Only Arizona, where recreational cannabis was up for a vote, decided not to legalize. Together, these states (excluding Arizona) represent a total population of 75 million people. That means one in five Americans – 20% of us – woke up on August 9 to find themselves in a state where medical and / or recreational marijuana is legal for adults 21 and older.
Even Hollywood celebrities are getting in on the act. Many people already know about the marijuana business activities of Snoop Dog, country music legend Willie Nelson, and actor / comedian Tommy Chong. Fewer know that Grammy-winning singer Melissa Etheridge is developing her own cannabis-infused wine line and TV show host Whoopi Goldberg is launching a line of medical marijuana products aimed at women. And people listen to Hollywood icons. Nothing is more conventional than television comedy.
On July 13, 2016, Variety revealed that Netflix plans to air a sitcom inside a legal marijuana dispensary. Called DisJointed, the show is the brainchild of television genius Chuck Lorre, creator of such blockbusters as The Big Bang Theory and Two and a Half Men. A recent Quinnipiac University poll found that 89 percent of voters in the United States believe that adults should be allowed legal access to medical marijuana when a doctor prescribes it. And the United States is not the only country prepared to relax the kidneys with marijuana. Israel, Canada, Spain, Mexico, Australia, Uruguay, Jamaica, Germany and Colombia have legalized or decriminalized possession.
Since 1972, marijuana has been classified as a Schedule 1 controlled substance. Schedule 1 drugs are those that are considered to have no medical use and have a high potential for abuse. As a Schedule 1 drug, marijuana is grouped together with heroin, LSD, and ecstasy. But in the face of mounting pressure from doctors, medical researchers, state governments, and Congress, the Drug Enforcement Agency (DEA) has come under pressure to downgrade marijuana to a Schedule II drug, or perhaps even a a Schedule III.
According to the US Census Bureau, by 2030 one-fifth of the population, 72 million Americans, will be 65 or older. Those Baby Boomers will face a host of age-related ailments including glaucoma, cancer, arthritis, and back pain. It just so happens that cannabis-based remedies are especially suitable for treating these illnesses. So as the elderly population grows, so will the size of the medical marijuana market. The social acceptance of cannabis will also grow, as millions of people discover the benefits of medical marijuana for themselves.
A single marijuana dispensary could generate more than $ 676 million a year. Not all that money comes from marijuana. Most people have already heard of things like “pot brownies.” But the market for marijuana “edibles” goes beyond that. There are pot desserts and pot energy drinks. In fact, we are about to see the opening of the world’s first marijuana distillery.
For people reluctant to inhale smoke, there are sites that offer THC-loaded capsules, lip balms, hash bath oils, topical compounds, and even THC patches that provide “precise dosing … a quick start and an unsurpassed duration.” . Thirsty users can enjoy THC-infused coffees, sodas, and sparkling waters. Aside from the boom in the recreational cannabis market, medical marijuana and its derivatives have also seen strong growth, and for good reason.
Cancer patients who receive chemotherapy and radiation often lose their appetite and have sensitive stomachs. But if they don’t eat, the treatments aren’t as effective. Cannabis has been shown to help stimulate the appetite and calm the stomach. New work is also being done with cannabis oil that shows promise in treating epilepsy, multiple sclerosis, some cancers, and even rheumatoid arthritis. The oil is also effective for insomnia.
For most of the 20th century, doctors knew little about the workings of the most important organ, the human brain. Brain cells almost dictate one of our feelings, thoughts, and actions by sending signals that trigger appetite and hunger. Marijuana seems to close the gap. Voters in the state after the start are quickly coming to terms that cannabis is, in fact, a medicine. The momentum only goes in one direction.