A new report released by GreenWave Advisers has detailed a calculated prediction about the future of the legal cannabis industry – and the numbers are huge.
According to the report, if cannabis was legalized on a federal level in the United States by the year 2020, the recreational and medical market combined in all 50 states would be valued at around $35 billion annually.
The analysis concludes that change in federal law is expected, due to the continued efforts of lawmakers pushing various pieces of legislation to ease current laws, the benefits of medical cannabis becoming better understood, the positive economic impact becoming more recognized and according to the report, the most important factor: public support in favor of legalization is growing.
While the analysis presented does put the potential value of the cannabis market at around $35 billion with nationwide legalization, estimations for the most likely scenario of legal reform by the year 2020 are that a total of 14 states and Washington D.C. will have fully legalized recreational cannabis (Alaska, Arizona, California, Hawaii, Maine, Maryland, Massachusetts, Nevada, New Hampshire, Oregon, Rhode Island, Vermont and, of course, Washington and Colorado), and a total of 37 states will have legalized medical cannabis.
Based on these predictions, the report states that the legal cannabis market in the U.S. will produce approximately $21 billion annually by 2020.