We all know that money doesn’t grow on trees. I mean, just imagine how nice it would be to be able to grow the solution to your expenses! Well, what if I tell you that you don’t have to imagine that scenario anymore because you can actually grow money? That’s right! The days have changed and that scenario is now slowly becoming a reality! Interested? Then keep on reading!
Money is green but you know what else is? Marijuana! Very recently,marijuana and its industry have been growing and it has been looking very attractive in terms of its viability on becoming a real contender as a business. According to the Factbook last March 2016, medical and recreational marijuana stores have already exceeded the average annual revenue per square foot of Whole Foods store! Additionally, it is said that marijuana sales for both medical and recreational use could reach up to $11 billion by 2020 in the USA alone! In fact, some big companies are already investing in the marijuana industry! Microsoft has already partnered with Kind Financials to track down legal sales of marijuana.
Indeed, the marijuana industry is starting to be very lucrative. The industry is actually doing really well despite obstacles such as its legal status! If in the past people would pass on the opportunity of owning marijuana stocks that are certainly not the case today. As stated above, the industry is starting to turn a lot of heads when it comes to the business scene. The possibility and opportunities of the new industry are quite extensive that it might be a good idea to start investing on it early. If you’re interested in doing so, here’s a short list on why you should invest in this industry!
While it’s true that marijuana is not yet legal in most states, the government is actually starting to shift towards the legalization of it. According to the Santa Monica Observer, the U.S. Drug Enforcement Administration (DEA) could reclassify marijuana to be Schedule II drug. This would mean that the herb will be legal in all 50 states as long as it is obtained with a prescription. Additionally, by just looking at the trend of what’s happening recently, the legalization of the plant is bound to happen sooner or later. The list of state that allows the usage of marijuana is steadily grower every year!
2. Growth of the Industry
As stated above, the growth of the industry is very fast. In fact, it’s actually considered to be the fastest growing industry right now! According to analysts, the industry grew a whopping 24% (grew to $5.7 billion) in 2015 giving it the title of the fastest growing industry. This year, the industry is expected to grow up to $7.1 billion which is around 26% from last year!
3. The Government is Interested
Since the industry is the fastest growing, the government is interested in it. They can really learn from it and they actually have already. The government actually collected $70 million in tax revenue from all the legal sales in Washington and Colorado alone!If other states are open to the legalization, then the government would definitely earn more.
4. Medical Use becoming more Common
Since it’s becoming legal in some states, the negative connotation of marijuana is starting to lessen which helps some people accept it as a medical treatment. Additionally, marijuana is already being used to create a treatment for a lot of diseases and illnesses. This widespread use will definitely make the industry more lucrative!
5. Banks are now accepting to service the industry
The U.S. Senate Appropriations Committee actually approved to allow banks to provide services for legal cannabis businesses. An addition was included in the Financial Services and General Government Appropriations bill. This is good for the industry as the banks are now offering its services more which will definitely increase the number of businesses in the marijuana industry.
6. The Sheer Potential of Marijuana
A common misconception is that the industry simply sells pot or weed. This is not the case. In fact, the marijuana will help out a lot of other industry in its wake. For example, agricultural companies who manufacture tools can definitely get a kick from the industry as growing marijuana will need a lot of equipment. Apps will also be affected as there are and will be more apps that can help in the cultivation of the plant!
Money can definitely grow on marijuana plants. With all the trends happening, the industry will definitely boom and it’s up to you if you want to be there when it happens.