5 Impressive Facts About The Cannabis Revolution
In case you haven’t noticed, marijuana stocks are growing like a weed. A majority of those with a market cap of at least $200 million have had their share price double or triple over the trailing year as optimism surrounding legal weed grows.
While we can talk all day about the great advancements in the cannabis industry, the greatest catalyst to progress is changes in legislation. After all, this is what opens up new markets, and in return, new customers and businesses to work with. However, all of that is up to the voters, who are continuing to swing toward legalization.
According to Pew Research, approximately 56 percent of Americans believe cannabis should be legalized. We can deduce that even if those people don’t consume it themselves, they’d still vote at the ballot for having cannabis legalized. And as more states have been seeing the financial bonanza reaped by Colorado, Washington, and Oregon, many of them are considering adding it to their referendums. Granted, not every state allows citizens to propose statewide legislation via petitioning, but for the ones that do, legalization might become inevitable.
Whether you are doing research on the industry or you just want to see some really cool facts, here are 5 unbelievable statistics about the cannabis industry:
- In the first six months of 2018, the European cannabis market saw more growth than in the previous five years, according to the “European Cannabis Report” released in July by Prohibition Partners.
- According to a report published by Forbes, Brightfield Group estimates that the global cannabis industry was worth USD 7.7 Billion at the end of 2017 and is projected to cross the USD 30 Billion mark by 2021.
- Almost five million Canadians between the ages of 15 and 64 spent what’s estimated to be about $5.5-billion for medicinal and non-medicinal cannabis last year, or about $1,200 for each consumer who partakes.
- The CBD Industry is expected to grow $1.1 billion by 2020 and almost $2 billion by 2022.
- 36 percent of cannabis company CEOs are women – compared to just 22 percent in the rest of the business world.