Cannabis Industry to hit $77 billion by 2022

The cannabis industry is composed of legal cultivators and producers, consumers, independent industrial standards bodies, ancillary products and services, regulators and researchers concerning cannabis and its industrial derivative, hemp. The cannabis industry has been inhibited by regulatory restrictions for most of recent history, but the legal market has emerged rapidly as more governments legalize medical and adult use. 

Marijuana Business Factbook estimates the legal-marijuana industry’s economic impact in the US was between $20 billion and $23 billion in 2017. It estimates the economic impact could reach as high as $77 billion by 2022.

World-wide Sales Estimates put the Cannabis Industry’s net worth in the 100’s of Billion’s

The world economic market has been broken down as follows, showing that the cannabis industry can be considered a multibillion dollar component of a larger pharmaceutical industry. The exact value of cannabis sales worldwide remains unknown as the vast majority of the market remains illicit. With movement around legalisation of Cannabis, it is attracting more investments from alcohol and drug companies.

The Cannabis Job Market is Hotter Than the Steel Industry

New Frontier Data, a cannabis market-research and data-analysis firm, estimates that the US cannabis industry employs at least 250,000 people. And those are just the jobs that are directly involved with handling marijuana plants — others in the industry are harder to quantify, a New Frontier economist told the Associated Press.

Another study estimated the marijuana industry would grow to at least 330,000 jobs by 2022, a higher number than the 268,000 employees at US steel and iron mills.

Government is Still Wasting Billion’s of Tax Dollars on Cannabis

Between 2001 and 2010, there were more than 8 million marijuana arrests in the US, according to American Civil Liberties Union data.

To enforce those marijuana laws, the US spent approximately $3.6 billion on law-enforcement costs.

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