While most states do not allow Cannabis to be consumed for recreational use, it has been approved in many states to be legally consumed for medical use. In fact, medical marijuana is currently allowed in 23 states including the District of Columbia. With the increased buzz around the legalization of Cannabis, there has also been an increase in cannabis business development in the states that allow its use and more searches for how to invest in the marijuana industry. The result of this has seen the U.S. cannabis market grow more than 74% in 2014, a significant increase from the previous year in which profits were $1.5 billion and estimated to increase another 32%.
Medical marijuana consulting is commonly the first step in obtaining a license to consumer cannabis. For those who have completed medical marijuana consulting and have bee approved to consume cannabis medically, 92% of patients agree that it works. In California and eight other states combined, more than 35,000 patients hold approval to use cannabis medically. PTSD is cited as the top diagnosis for medical marijuana consulting and use in New Mexico. In California, serious medical conditions like chronic pain, cancer, and arthritis use medical marijuana for treatment and about 5% of adults have used the drug to treat these conditions.
As the argument for legalization continues, more states are passing laws to approve cannabis use with strict limitations. California was one of the first states to approve in 1996 with 8 oz. usable and up to six plants allowed. Of the size allotted plants, three can be mature and three can be immature. Most recently, New York, Maryland, Minnesota and Pennsylvania have all passed laws between 2014 and 2016 to legalize the use of medical marijuana with a 30 day supply. In 2016, 20 states are estimated to participate in medical marijuana cultivating by pushing to legalize cannabis for either medical or recreational use. Eastern states like Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont have all started to push forward ballots for November 2016. California, Nevada, Arizona and Maine are anticipated to be approved for legal recreational use.
With more than half of Americans supporting the legalization of cannabis, various studies proving the benefits of its use, and many states passing laws supporting its consumption, it is looking like cannabis prohibition will soon come to an end and medical marijuana marketing will soon become for frequent. If legalized in all 50 states, the U.S. could stand to make $36.8 billion in revenue from cannabis sales. For this reason marijuana investment opportunities are popping up everywhere the drug is considered legal, influencing other states to take action and participate in the obviously profitable market. With hard work, cannabis could help make the U.S. economy stronger than ever.
