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How Much Money Could Legal Marijuana Make?…How About More Than The NFL?

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With the federal government lying in wait to see what individual states do over the next two years with marijuana. the reality of what it could do on an economical level is starting to be realized. What’s even more overwhelming is the possibility that if all 50 states legalized marijuana and the federal government ended prohibition of the plant, the marijuana industry in the United States would be worth $35 billion–just six years from now.

GreenWave Advisors is a research and advisory firm that is focusing on research with the marijuana industry in the U.S. Along with the aforementioned staggering statistic, a new report by the group also found that if the federal government doesn’t end prohibition and state legalization continues the way it’s going, in 2020 the industry would still be worth $21 billion.

According to the Huffington Post, GreenWave is predicting that 12 states plus the District of Columbia will have legalized recreational marijuana by 2021 (besides Colorado and Washington, which legalized it in 2012). Those states are: Alaska, Arizona, California, Hawaii, Maine, Maryland, Massachusetts, Nevada, New Hampshire, Oregon, Rhode Island and Vermont. By that same year, 37 states will have legalized medical marijuana. So far, 23 states and the District of Columbia have legalized marijuana for medical use.

With the federal government having allowed Colorado’s and Washington’s  marijuana laws to take effect, President Barack Obama signing the 2014 farm bill, which legalized industrial hemp production for research purposes, and the U.S. House passing measures attempting to limit Drug Enforcement Administration crackdowns on medical marijuana shops when they’re legal in a state, it seems that the government is positioning itself to make the moves that GreenWave is prognosticating.

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Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

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