Studies Show Marijuana Market Surpasses Global Smartphone Market
Posted by Marijuana Doctors on 11/05/2013 in Medical Marijuana
Over the past six months, researchers have conducted a survey encompassing hundreds of dispensary owners, medical cannabis retailers and industry moguls has successfully estimated that in 2013 alone, more than $1.43 billion worth of legal marijuana will be sold nationally. The report projects that marijuana sales will raise up to 64% within the next year, surpassing the global Smartphone market at just 46% from 2012 to 2013. For what is proving to become the fastest growing market in U.S. history, it seems a national debate may soon be in order for the long overdue rescheduling of marijuana as a schedule I substance.
In a Gallup poll conducted just last month, 58% of Americans were in favor of national legalization of marijuana. Without government given grants to researchers, solidifying knowledge into fact has been an incredibly challenging, if not daunting task. Several researchers have previously mentioned that earning government grants for furthering marijuana research is truly the most difficult part in gaining the necessary acceptance to continue conducting studies. However, If the research is posed by researchers as directed toward finding a positive correlation between the “gateway drug” theory and marijuana population increase, government grants are given without any qualms.
The conundrum is that debunking such theories and conducting scientific research regarding marijuana’s medical benefits would inevitably be a means for a national reform of the drug itself. Under its current draconian scheduling, marijuana is listed as having absolutely no accepted medical use. Not to mention it is in the same category with heroin, LSD and ecstasy. Schedule I drugs are, by definition, “the most dangerous drugs of all the drug schedules.” A national reform would acknowledge a governmental recognition of marijuana as medicine. And with a government particularly bent on keeping marijuana illegal under federal law – it is no wonder further research has not been conducted. We live in a nation of skeptics; swayed toward one way or another, by substantial documented evidence. So for the other 42% of the country, lack of documented research is swaying them toward the offense.
A psychiatrist at the Mayo Clinic in Rochester, Minnesota, Dr. J Michael Bostwick, said the rigid classification of marijuana was written as such for primarily political grounds, and has thus far ignored over 40 years of scientific research, which has shown that cellular receptors for marijuana’s active ingredients are indeed present throughout the body.
Steve Berg, the former managing director of Wells Fargo Bank and editor of the report, the Second Edition of the State of Legal Marijuana Markets, said, “Cannabis is one of the fastest-growing industries. Domestically, we weren’t able to find any market that is growing so quickly.” He went on, “Entrepreneurs and private investors are flocking to cannabis markets.” When it comes to big business, Berg said, “Those who really understand market dynamics will reap large rewards.”
In 2014, both Washington and Colorado will implement laws permitting pot sales to all adults, which Berg has pointed out, will undoubtedly account for a significant growth in the marijuana market. Colorado is estimated to have an additional $359 million brought to its already booming market. Berg’s report predicts that 14 additional states will legalize marijuana for adult recreational use within the next five years, establishing a potential 10.2 billion dollar marijuana market by 2018.
Berg’s research only accounted for the sale of cannabis alone – through wholesale, retail and direct consumerism. The market for further products such as security equipment, applications, paraphernalia and grow tools open up the doors to much further revenue. Still, Berg remains optimistic regarding the future of the marijuana industry at large. “There has been a seismic shift in public attitudes towards marijuana,” said Berg. “Younger voters will become a bigger proportion of the overall voting base. It begins with shifts in attitudes and that translates to initiatives.”