Marijuana could be Big Tobacco's next pot of gold and pot industry keeps growing buds
If the estimated US$45 billion or so of yearly demand for recreational marijuana is in the right ballpark, then more Americans crave cannabis more than cabernet or candy bars. And as legalization efforts pull marijuana sales out of the shadows of the black market, an industry is, er, budding.
Right now, it’s messy, shadowy and highly fragmented — and the public companies involved in it are mere penny stocks. But as U.S. states increasingly move toward some form of legalization of the substance, that will change. In February, Alaska officially became the fourth state to legalize pot (with restrictions), following Colorado, Washington and Oregon, as well as the nation’s capital. Some others have decriminalized it or allowed for medicinal uses and are inching toward a further loosening of the laws. In other words, states representing about half the country’s population may soon allow for the purchase of marijuana in some form. It’s tough to estimate the growth opportunity...
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