Medical herb sales to top $1.7 billion
Medical weed is not just helping pain patients across the US, it’s also helping the economy. According to “The state of the medical pot Markets 2011,” an “investment-grade report” released by Sea Change Strategy LLC on Thursday, March 25, 2010, projected sales of marijuana will climb to over $1.7 bln in 2011, making it one of the hottest-selling medicines in the United States.
This report accounts for legal pot sold from medical weed clinics, and does not take into consideration the value of medicinal pot consumed illegally or that is grown for personal use in states where it has been legalized. In addition to envisioning the demand and subsequent industrial boost from medical cannabis to grow, the report also states the conviction that the quantity of states that have legalized medicinal marijuana for medical use will double in the next five years. Currently, 7 states have legalized medicinal herb, and five more states will permit it to be sold this year.
The majority of this commercial boom comes from Ca and Colorado, which account for 92 percent of all sales from medicinal pot clinics, although Arizona, Michigan, and Washington are all predicted to have wonderful potential for expansion in the near future. The editor of the report, Ted Rose, noted that while there was a paucity of literature about the economics of medical weed, lots of dispensaries had made a huge business “ecosystem” around providing this particular medication to people.
These businesses have profited off the Obama administration’s call to lower the number of prosecutions of individuals cultivating or selling medicinal pot in accordance with state laws for medical use, and the editor of the report believes that rather more legal clarity will come from a rise in the number of states permitting Medical Marijuana Dispensaries.
The computed $1.7 bn. in sales, if it is actually reached, will make medical weed one of the fast selling medicines in the country, right next to the bestseller, Viagra, which generates over $1.9 bln in revenue each year. While there’s no way to work out precisely how much revenue is generated in total from the medicinal marijuana industry, Al Olsen of MSNBC has said that, when the “grey market” of state-legalized medical weed and the illegal black market are thought to be together, there could be income of anywhere from $18.5 bill to $33 bn. worldwide each year.
This report is available from Sea Change Strategy LLC, and can be purchased from their website.