Cannabis to be as big as tobacco by 2029
Whether you’re a marijuana smoker or not, there's one thing that isn't hazy: we’re on the cusp of a “green gold rush.”
Ackrell Capital, a San Francisco-based investment bank focused on middle-market and emerging growth companies, forecasts that the total U.S. cannabis consumer market (including pharmaceuticals) could top $100 billion by 2029, according to its newly released U.S. Cannabis Investment Report 2016.
For comparison, the RAND Corporation estimated the illegal U.S. market for cannabis to be about $40 billion in 2010, thanks to about 20 million paying customers. The tobacco industry rakes in $100 billion annually from approximately 45 million people. Meanwhile, Ackrell pins the emerging market for legalized recreational and medicinal marijuana at just $4.4 billion in 2015.
Even though cannabis is still illegal under federal law, 23 states have legalized the substance for medicinal use and, of those, four states (Alaska, Colorado, Oregon, and Washington) have legalized...
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