DISTRICT OF COLUMBIA: When new business segments start to reach $1 billion in annual sales, they often get noticed by new business and venture seekers. But when new business segments reach $10 billion in annual sales, let’s just say that venture backers, speculators and business owners want to get a piece of the next big thing. If recent data from the Marijuana Business Daily turns out to be accurate, then the legalized marijuana business is likely to hit $10 billion in 2015 alone.
What is interesting about this figure is that the dispensaries and recreational stores were shown to account for only about $3.1 billion of that total. Also, that $10 billion total comes from a projected range of $9.6 to $11.1 billion — versus a 2014 range of $7.2 billion to $8.6 billion.
24/7 Wall St. wanted to go a step further on this issue about the economy of legalized marijuana. The reason here is simple: the projections have the legal marijuana business close to $30 billion by the year 2019, and there are so many issues not counted in the figures that the numbers could be much larger.
The Marijuana Business Daily also projected that each $1.00 of cannabis sold at the retail level (legally) adds at least another $2.60 to the economy in states where medical or recreational cannabis is legal.