Total Impact of Cannabis Market Projected to Reach $48 Billion in 2019
The cannabis markets are growing like a weed in both the U.S. and global markets. Each projection seems to raise the ceiling even higher than before. A recent article in the Marijuana Business Daily projected that: “Total economic impact of the cannabis industry will range from $39.2 billion to $48 billion in 2019 – about a 35% increase over 2018 and the U.S. cannabis sales in 2018 were between $8.6 billion and $10.8 billion – more than U.S. spending on e-cigarettes, the video game Fortnite and Goldfish crackers and U.S. sales of cannabis in 2019 will be about 35% higher than 2018 and could reach $30 billion by 2023. But are not just the industry giants that have green fields in front of them. Local dispensaries and recreational shops are a big part of the revenue tsunami. Another industry website laid forth the following industry picture and accompanying statistics: “As more states approve cannabis for use, an entirely new market has cropped up in the United States. Medical dispensaries, as well as recreational shops, are opening to supply marijuana to a broad base of consumers.” Active Companies from around the market with current developments this week include: Marijuana Company of America, Inc. (OTCQB: MCOA), Hemp Inc. (OTCPK: HEMP), Medical Marijuana, Inc. (OTCPK: MJNA), Sipp Industries, Inc. (OTCPK: SIPC), Smart Cannabis Corp. (OTCPK: SCNA).