US 420 industry is booming
US 420 industry is booming
It’s 2018 and 420 remains illegal in the United States.
But continued federal prohibition hasn’t stopped the 420 industry(US 420 industry is booming) from growing like a very profitable strains.
Despite what could be considered an unfriendly administration in Washington D.C., nine states and the District of Columbia now allow for recreational 420 use and 30 allow for medical use.
And more states are lining up to join the legalization wave. Pot has become big business in the U.S.
The emerging industry took in nearly $9 billion in sales in 2017, according to Tom Adams, managing director of BDS Analytics, which tracks the 420 industry(US marijuana industry is booming). Sales are equivalent to the entire snack bar industry, or to annual revenue from Pampers diapers.
That was before California opened its massive retail market in January.
The addition of the Golden State is huge for the industry and Adams estimates that national 420 sales will rise to $11 billion in 2018, and to $21 billion in 2021.
8 incredible facts about the booming US 420 industry
- The US 420 industry is worth billions of dollars, and is showing no signs of slowing down.
- Ten US states have legalized recreational buds use, and 33 have legalized medicinal use.
- Read on for eight surprising facts about the 420 industry.
- Visit MarketsInsider.com for more stories.
The marijuana industry is booming in the United States.
From the $52 billion in sales the industry posted to the 76% increase in 420 jobs this year, there are plenty of statistics to show 420’s startling contributions to the US economy.
420 initiatives have swept through state legislatures in recent years. Recreational buds use is legal in 10 US states, while medicinal buds is legal in 33. Illinois became the most recent state to weigh the topic when Gov. JB Pritzker introduced a bill to legalize the drug on Saturday.
Now, the industry is showing no signs of slowing down.
The 420 industry could soon be worth more than the GDP of 9 US states
U.S 420 industry is booming
420 Business Factbook estimates the legal-420 industry’s economic impact in the US was between $20 billion and $23 billion in 2017. It estimates the economic impact could reach as high as $77 billion by 2022.
Those numbers are comparable to the GDPs of Idaho and West Virginia, which were both a tick over $77 billion in 2018, according to the Bureau of Economic Analysis(US 420 industry is booming). And it’s worth more than the GDP of nine states, including Delaware, Alaska, and both North and South Dakota.
US 420 industry is booming
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