According to estimates from Marijuana Business Daily the total demand for marijuana including the preeminent black market is $45-$50 Billion. In that scenario if nationwide legalization were to occur the cannabis industry would outsell ice-cream and popular snacks (Doritos, Cheetos, and Funyuns) together by $35B on the conservative side. However, that’s only taking into account the individuals that already use marijuana and not the ones that would become active users if it became fully legalized. There are even some projections that the industry would catch fire so much that it would have the potential to eclipse beer and cigarette sales fairly quickly. In fact, just last year the legal recreational and medical sales that took place amounted to $4-$4.5 Billion which surpassed paid music streaming as well as girl scout cookies. Impressive considering the lack of states that have full legalization. There is also a continued amount of growth being seen in the recreational side of the industry with many experts believing that the economic impact though bullish is still undersold.
Beside just the sales side of the business, employment has seen a huge boost. In fact, jobs are popping up in sectors of the business sphere that weren’t really expected at this point. The report indicates that there are currently about 165,000 – 230,000 part-time or full-time employees which outnumbers bakers, massage therapists, and even dental hygienists. Not only is there booming employment but also booming economic impact on the communities that have decided to make marijuana a full time go. This has led to an increase in tourism and spending on local businesses with the state and local government benefitting from the extra tax dollars. The stat $1 spent in dispensaries create an additional $3 in economic benefits for cities, states, and nationwide further backs up the impact. Furthermore, state and local municipalities are able to fill the holes in their budget with marijuana tax receipts which result in the funding for infrastructure and schools. The one red flag to be wary of is how the Trump Administration’s Department of Justice is going to deal with state rights and the gray area between the two laws with rumors of increased enforcement possible. Regardless of the outcome of the legalities of marijuana you still be able to receive life insurance. The way to go about this process is to get a quote from the marijuana life insurance agents in the business here at Giggle. We are independent so we will be sure to find the best policy for you at the right price.