More and more states are legalizing sales of marijuana in some form, and sales are exploding respectively. Over the last year, legal marijuana sales have grown by almost one billion dollars, and experts predict this growth to only increase in the coming years.
Total sales from the drug have recently skyrocketed, with 2015 marking $5.4 Billion.
Four years from now, sales for cannabis are expected to exceed $20 Billion, with an expected 30% compound annual growth rate.
Marijuana is beginning to smell a lot like money and people are jumping on the opportunities. A large factor contributing to the massive amount of sales is growing support for marijuana legalization. In 2015, we saw a 58% support rate, raising 22% from only 36% in 2005.
In states such as Colorado, where recreational marijuana has recently been legalized, they are seeing a windfall in tax revenue. Colorado alone saw more than $100 Million from tax revenue in 2015.
The appetite for marijuana is hardy and growing, and the coming ballots may introduce even more states and more revenue to the game.