Is legal marijuana bigger than the internet of things?
The greatest innovation in history –
Nothing on Earth today (and I mean nothing at all), not smartphones, cars, aerospace, real estate, gold, oil, software, biotech, nothing… is growing that or as fast as the legal marijuana market.
Consider this: By 2020, the legal marijuana market will exceed $22.8 billion (not millions, but billions with a B). The legal cannabis market “could be bigger than the National Football League, which had $12 billion in revenue in 2015. Between 2016 and 2029, projected marijuana growth is expected to reach $100 billion, a growth of 1308%.
Estimates put the number of marijuana users at some point in the neighborhood of 50 million people. Up to 7.6 million are delivered daily. Of the 83.3 million millennials, 68% want cannabis to be legal and available. Once legalization is established everywhere, dozens of established companies, in the tobacco industry… in agriculture and irrigation… in pharmaceuticals, will want to participate without hesitation. And if you want more proof that marijuana is going mainstream, consider this…
On November 8, tens of millions of Americans in nine states went to the polls and voted on the future of marijuana. California, Massachusetts, Maine, and Nevada all voted to legalize the recreational use of marijuana. And voters in Arkansas, Florida, North Dakota and Montana have approved ballot initiatives legalizing medical marijuana. Only Arizona, where recreational cannabis was subject to a vote, chose not to legalize it. Together, these states (excluding Arizona) represent a total population of 75 million people. That means that one in five Americans, 20% of us, woke up on August 9 to find themselves in a state where medical and/or recreational marijuana is legal for adults 21 and older.
Even Hollywood celebrities are getting involved. Many people are already aware of the marijuana-related business activities of Snoop Dog, country music legend Willie Nelson, and actor and comedian Tommy Chong. Fewer know that Grammy Award-winning singer Melissa Etheridge is developing her own line of cannabis-infused wine and TV host Whoopi Goldberg is launching a line of medical marijuana products aimed at women. And people listen to Hollywood icons. Nothing is more conventional than the television sitcom.
On July 13, 2016, Variety revealed that Netflix plans to air a sitcom set inside a legal marijuana dispensary. Called DisJointed, the show is the brainchild of TV genius Chuck Lorre, creator of blockbuster hits like The Big Bang Theory and Two and a Half Men. A recent Quinnipiac University poll found that 89 percent of voters in the United States believe that adults should have legal access to medical marijuana when a doctor prescribes it. And the US is not the only country about to loosen its kidneys with marijuana. Israel, Canada, Spain, Mexico, Australia, Uruguay, Jamaica, Germany, and Colombia have legalized or decriminalized possession.
Since 1972, marijuana has been classified as a Schedule 1 controlled substance. Schedule 1 drugs are those that are considered to have no medical use and have a high potential for abuse. As a Schedule 1 drug, marijuana is grouped together with heroin, LSD, and ecstasy. But in the face of mounting pressure from doctors, medical researchers, state governments and Congress, the Drug Enforcement Agency (DEA) has come under pressure to downgrade marijuana to a Schedule II drug, or perhaps even the List III.
According to the US Census Bureau, by 2030 one-fifth of the population (72 million Americans) will be 65 years of age or older. Those Baby Boomers will face a host of age-related ailments, including glaucoma, cancer, arthritis, and back pain. As it happens, cannabis-based remedies are particularly well-suited for treating such illnesses. So as the senior population grows, so will the size of the medical marijuana market. The social acceptance of cannabis will also grow, as millions of people discover the benefits of medical marijuana for themselves.
A single marijuana dispensary could generate more than $676 million a year. Not all of that money comes from the weed itself. Most people have heard of things like “marijuana brownies” by now. But the market for marijuana “edibles” goes deeper. There are marijuana desserts and marijuana energy drinks. In fact, we are about to see the opening of the world’s first marijuana distillery.
For smoke-averse people, there are sites offering THC-loaded capsules, lip balms, hash bath oils, topical compounds, and even THC patches that provide “precise dosing…fast onset and unbeatable duration.” Thirsty users can enjoy THC-infused coffees, sodas, and sparkling waters. In addition to the boom in the recreational cannabis market, medical marijuana and its derivatives have also seen tremendous growth, and for good reason.
Cancer patients undergoing chemotherapy and radiation often lose their appetite and have sensitive stomachs. But if they don’t eat, the treatments aren’t as effective. Cannabis has been shown to help stimulate appetite and settle the stomach. New work is also being done with cannabis oil that shows promise for the treatment of epilepsy, multiple sclerosis, some types of cancer, and even rheumatoid arthritis. The oil is also effective for insomnia.
For most of the 20th century, doctors knew little about the workings of our most important organ, the human brain. Brain cells dictate almost one of our sensations, thoughts and actions by sending signals that trigger appetite and hunger. Marijuana appears to bridge the gap. Voters in the state after the start are quickly coming to terms that cannabis is, in fact, medicine. The momentum only goes in one direction.