Did you know in the United States alone legal Marijuana sales are expected to reach an estimated 25 billion dollars by the year 2025? With this amount of money rolling around, now is the time most of the world follows suit and legalizes Marijuana!
Legal Marijuana in the U.S continues to expand. Read below about some of the important facts you might want to consider!
Facts About Legal Marijuana
Marijuana legalization is taking time, it is still illegal under federal law but a growing number of states have legalized it already. This may be for medical or recreational purposes in the last few years. This change has caused a massive shift in the support for fully legalizing the plant on a federal level. The few facts below show how much support Mary Jane has received in the last few years.
- Around nine in ten Americans favor legal Marijuana
- Fewer than 10 percent of American adults say marijuana shouldn’t be legal at all
- Fewer than 46 percent of U.S adults say they ever used Marijuana
- 17 states and the district of Columbia have legalized small amounts of marijuana for recreational use
Four States Legalized Marijuana
In the last year, it’s important to note that four additional states have legalized cannabis via the legislative process. The states are New York, Virginia, New Mexico, and Connecticut. This shows that lawmakers are starting to get the message that people want them to act on sensible and humane marijuana policies.
Meanwhile, the Alabama legislature and governor legalized medical cannabis this year. Louisiana decriminalized possession of up to 14 grams. These two states in the near future will likely approve the use of Cannabis for recreational use in the near future which is a positive step for full legalization which you can read about at Docs of Cannabis.
Black Market Marijuana
Even though some states have legalized medical and recreational marijuana use, there is still a black market economy where cannabis is sold illegally. This is merely not because old habits die hard but because it’s tax-free and cheaper.
Growers, processors, retailers, and buyers all pay tax between 17 to 37 percent which makes the plant unaffordable for some users. The fight for legal consumption will continue even though it is legal.
Banking Kills The Business
Cannabis consumption remains illegal in the eyes of the federal government, so it is classified as any other type 1 drug.
Banks are regulated by the feds which mean most banks won’t go near any dispensaries and cannabis business owners find it almost impossible to secure any banking services and fund a business through the monetary system.
Heading In The Right Direction
All in all, legal marijuana legislation is heading in the right direction, and before long we will be having a different conversation about cannabis being legal on a federal and government level.
With so many challenges the industry faces it might take a little while yet to reach that stage however but the future does look bright for this bustling industry.
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