I scream, you scream, we all scream for – marijuana? The recreational ganja business is booming, so much so, that its demand as surpassed that of ice cream in the United States. In fact, the total demand for marijuana in 2017 is estimated to reach $45-50 billion.
If the industry succeeds, that will be a nearly $40 million increase in sales. By comparison, annual ice cream sales are projected to hit $5.1 billion. The sales for snacks (or munchies) like Doritos and Cheetos is $4.9 billion, according to the report. It even beats paid music streaming services at $2.5 billion and girl scout cookies at $776 million. The influx in demand is probably linked to the legalization of recreational and medical marijuana in various states throughout the nation. As of Jan. 2017, twenty-six states have legalized the drug in some form, Business Insider reports. Where that translates into dollar signs is that for every $1 consumers spend utilizing national dispensaries, another $3 in economical benefits are created nationwide, according to MBD.
The need for weed hasn’t only shown economic benefits, it also shows promise in regards to employment. According to the report, the cannabis industry now employs between 165,000 to 230,000 full and part-time employees. To put that in perspective, there are now more people who work in the marijuana business than there are reportedly bakers in the United States. Additionally, the success of the marijuana business is projected to spark a boom in real estate, entertainment, and tourism, the report states.
At the rate the industry is going right now, marijuana could exceed cigarette and even alcohol sales. Unfortunately, the industry has to worry about our current U.S. President, whose administration has been in opposition of weed legalization. But considering that Trump is a businessman, even he can’t deny these numbers.
Source: 420 Intel – United States