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Medical Marijuana Sales Rival Viagra in Total Revenue

 

A couple weeks ago I wrote a story about how Marijuana IPO’s were leading the way for a potential Cannabis boom.

Well, on Wednesday See Change Strategy…an independent analysis firm specializing in new and unique markets released a study revealing medical marijuana has become a $1.7 billion market.  This study is the first attempt at tying a definitive dollar amount to the medical cannabis industry.

That’s $1.7 billion of medical marijuana sold in just 15 states verses the $1.9 billion Pfizer rakes in nationally from Viagra.

The study suggests if another 20 states pass medical marijuana laws that number could grow to $8.9 billion in 2016.  With no real way of determining the total market for marijuana in the US, it is estimated that cannabis sales total an estimated $18-35 billion nation wide.

Some highlights from the study:

  • California and Colorado account for 92 percent of the wholesale and retail sales nationally.
  • Arizona, Michigan and Washington are considered well-positioned for significant growth.
  • There are 24.8 million potential consumers for medical marijuana in the United States today. This number reflects the number of Americans with qualifying ailments who live in a current “legal state.”

“We’re witnessing the beginnings of a legal business ecosystem around marijuana,” Rose, the author of the study, said.

msnbc.com

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