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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 even smartphones, automobiles, aerospace, real estate, gold, oil, software, biotech, nothing… is growing as much or as fast as the stock market. legal marijuana.
Consider this: By 2020, the market for legal marijuana will reach $22.8 billion (not million, but billion with a B). The legal market for cannabis “could be bigger than the National Football League, which saw $12 billion in revenue in 2015. Between 2016 and 2029, marijuana’s projected growth is expected to reach $100 billion — a 1,308% increase.”
Estimates put the number of marijuana users in the neighborhood of 50 million. About 7.6 million enjoy it on a daily basis. Of the 83.3 million millennials, fully 68% want cannabis to be legal and available. Once legalization takes hold everywhere, dozens of established firms—in the tobacco industry…in agriculture and irrigation…in pharmaceuticals—will want to jump in 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 headed to the polls and voted on the future of marijuana. California, Massachusetts, Maine and Nevada voted to legalize the recreational use of marijuana. And voters in Arkansas, Florida, North Dakota and Montana passed ballot initiatives to legalize medical marijuana. Only Arizona, where recreational cannabis was on the ballot, decided against legalization. Together, these states (excluding Arizona) represent a total population of 75 million people. That means 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 in on the act. Many people already know about the weed-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 cannabis-infused wine line and TV talk show host Whoopi Goldberg is launching a line of medical marijuana products aimed at women. And people listen to Hollywood icons. Nothing is more mainstream than the TV sitcom.
On July 13, 2016, Variety revealed that Netflix is planning to air a sitcom set inside a legal dispensary. Called DisJointed, the show is the brainchild of TV genius Chuck Lorre, creator of such blockbusters as The Big Bang Theory and Two and a Half Men. A recent poll by Quinnipiac University found that 89 percent of voters in the United States believe that adults should be allowed legal access to medical marijuana when prescribed by a doctor. And the US isn’t the only country poised to loosen the reins on 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 present a high potential for abuse. As a Schedule 1 drug, marijuana is grouped together with heroin, LSD, and ecstasy. But in the face of increasing pressure from doctors, medical researchers, state governments and Congress, the Drug Enforcement Agency (DEA) has been under pressure to downgrade marijuana to a Schedule II drug, or perhaps even a Schedule III.
According to the US Census Bureau, by 2030 one-fifth of the population – 72 million Americans – will be 65 or older. Those Baby Boomers will all be dealing with a host of age-related ailments, such as glaucoma, cancer, arthritis and back pain. As it happens, cannabis-based remedies are uniquely suited to treating those ailments. So, as the aging population grows, so will the size of the medical marijuana market. Social acceptance of cannabis will also increase as millions discover the benefits of medical marijuana for themselves.
A single marijuana distributor can bring in more than $676 million a year. Not all the money comes from the weed itself. Most people have already heard of such things as “pot brownies”. But the marijuana “food group” market goes beyond that. There are weed cakes and weed energy drinks. In fact, we will see the opening of the world’s first weed distillery.
For people who don’t want to inhale smoke, there are places that offer THC-infused capsules, lip balms, hash bath oils, daily makeup, and even THC patches that offer “precise dosing… a quick onset and duration unsurpassed”. Thirsty users can enjoy THC-infused coffee, sodas, and sodas. In addition to the market boom in recreational cannabis, medical marijuana and derivatives have also seen rapid growth, and for good reason.
Cancer patients undergoing chemotherapy and radiation usually lose their appetite and have sensitive stomachs. But if they don’t eat, the treatments aren’t as effective. Cannabis has been proven to help stimulate the appetite and soothe the stomach. There is also new work being done with cannabis oil that holds promise for treating epilepsy, multiple sclerosis, some cancers and even rheumatoid arthritis. The oil is also effective for insomnia.
For most of the 20th century, doctors knew little about the workings of the most important organ, the human brain. Brain cells dictate almost every one of our feelings, thoughts and actions by sending signals that stimulate appetite and hunger. Marijuana seems to bridge the gap. Voters in the post-initiation state are quickly coming to an agreement that cannabis is, in fact, medicine. Momentum only goes in one direction.
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