That’s right by 2025 the marijuana industry is projected to be worth approximately $24B. A data analytics firm aimed to track out the long-term potential for the industry and came up with this valuation. However, a federal rescheduling of the drug or crackdown could throw a major wrench into these projections. Not only are they projecting a $24B industry but almost an additional 260,000 jobs created in the 8-year span. This indicates that if proven true marijuana is not just a flash in the pan and is in fact here to stay. However, despite the optimism various regulations, markets and other dynamics make it entirely difficult to make completely justified estimates.
In their projections, the company used many factors including regulation change, medical conditions, products offered, illicit use, population growth, etc. The company believes that the over 2 dozen states with medical marijuana programs and the 9 recreational states will be fully operational during the time span with California making up $6.59B and Colorado fourth behind Florida and Washington state. While there is concern that there will be negative pressure on medical sales the medical side will still account for more than half the market. The growth rate for medical marijuana is projected be 13% and 25% for recreational marijuana.
However, not everyone is sold on the projections and believe that they are greatly inflated. For example, economists believe that the estimates are using invalid assumptions. An example is that they use marijuana sales in Colorado for an area in California without accounting for the region demographics and how that could impact the usage. The downside is that while the numbers give you hope it could lead people to jump in without considering the ever-changing dynamics.
While this can go back and forth between one person to the next the truth is that marijuana is growing and will continue to play a role in the economy and our lives. How this ties into the life insurance component is that as more legalization comes about there will be more standardization in the industry, and better life policies will come about for marijuana smokers like yourself. That’s why it’s important to find the right life insurance agency who can find the best policy to fit your needs. Here at Giggle we have some of the most experienced marijuana life insurance agents in the business and we want to help you find the best policy so be sure to visit giggleinsurance.com to get quoted.