Ferdinand H Quinones MD

Cannabis Business Ferdinand H Quinones MD

Did you know that there are now more than 20 jurisdictions in the United States where medical cannabis is legal? Even then, much of the country still prohibits the recreational use of cannabis. The thing is, cannabis is the most commonly used illicit drug in the country. And this is unfortunate because marijuana can really benefit a lot of people. Plus, businesses can get into cannabis and cannabis-related products and make a killing. States have been legalizing medical and recreational marijuana at a steady rate since the 1990s and Canada just became the 2nd nation (next to Uruguay) to allow legal consumption of recreational marijuana. Will the U. S. become the 3rd such potential market? Either way, growing a cannabis business is still more challenging than running your typical mom and pop shop so let's take a look at the opportunity here at home. Medical marijuana is legal in 29 states and Washington D. C., and recreational marijuana is legal in eight states and D. C. By the end of 2017, the legal cannabis market is expected to be worth $7.9 billion; by 2025, that number jumps to $24 billion. It's predicted that state tax revenue from cannabis retail sales to total $745 million in 2017 and $2.3 billion in 2020. The company also estimates that if medical cannabis were available nationally, taxpayers would save $220 million in medicare expenses. The average medical marijuana consumer purchases cannabis every 10 days and spends $136 per transaction. The average recreational marijuana consumer purchases cannabis every 14 days and spends $49 per transaction. Most cannabis consumers are part of the younger generation, but that majority is getting slimmer: 41% are 21 to 35-year olds, while 26% are 36 to 45, 16% are 46 to 55, and 17% are 56 or older. Men make up 53% of cannabis consumers, but women aren't far behind at 47%. Though profits and social acceptance are expanding across the country, federal regulations pose a few unique challenges to the emerging cannabis industry. A successful business in any industry would mean more jobs and more money and is overall great for the economy. Just imagine this. Some of the biggest marijuana companies all have billions in market capitalization. Scotts Miracle-Gro, for one, has a market cap of $6.15 billion, making it the biggest cannabis company in the world. These companies are also posting record growth in their share prices, with Aurora Cannabis leading the way with a 321% increase in share prices.