News » Medical Marijuana Now a $1.7 Billion Industry

March 24, 2011 by

Photo: pfala

According to a new report released today by See Change Strategy LLC – a market analysis firm specializing in new markets – sales of medical marijuana in the United States will reach $1.7 billion in 2011.

Furthermore, this number is expected to double in the next five years. While there are only 14 states and the District of Columbia that currently have laws giving patients access to medical cannabis, the regulations in many of these states are not yet clearly defined. In states such as Rhode Island and Hawaii, legislators are attempting to put together the structures necessary to allow dispensaries to operate, further enhancing access to marijuana in a way that is legal under state law.

Other states such as New Hampshire and Connecticut do not yet allow for the medical use of cannabis, however law makers there are currently considering changes to their laws that would do so.

Across the nation 25 million people are eligible to receive a recommendation and purchase marijuana legally under state laws, the report said. Despite such a large number currently on 730,000 people, or just under 3% of those eligible, currently do so and as this percentage increases, one can expect the expenditures to increase as well.

[source Denver Post]

Tags: , , , , , ,


3 Responses