The marijuana industry has grown by leaps and bounds over the past couple of years but gained perhaps its biggest win in history this year: legitimacy.
In Canada, following years of promises from Prime Minister Justin Trudeau, and months of debate in Parliament, the Cannabis Act was signed into law. On Oct. 17, recreational marijuana was legalized in our neighbor to the north, which could potentially pave the way for $5 billion or more in added annual sales by the turn of the decade.
Major advancements were made in the United States, too. Residents in Utah and Missouri voted in favor of medical marijuana initiatives in their respective states, increasing the number of states to have legalized medical weed in some capacity to 32. During the year, Vermont and Michigan also approved recreational pot, boosting the number of adult-use legal states to 10…
Florida could be a surprisingly strong market for cannabis investment
Though Canada is the most legitimate of all marijuana markets for investors, it’s the U.S. that’s considered the biggest opportunity. If it were legalized at the federal level, the U.S. cannabis industry would leave Canada in the dust. That’s why investors have focused their attention on a number of key U.S. states — among them, Florida.
Sales estimates for Florida’s medical cannabis industry vary wildly. Whereas BDS Analytics and ArcView foresee $1.09 billion in medical weed sales for Florida by 2020, GreenWave Advisor and New Frontier estimate sales of $936 million and $727 million, respectively. Regardless of whichever firm is closer, the fact remains that Florida offers big-time potential in the short- and long-term for medical marijuana companies.
Also remember that Florida is one of the top states that retirees call home, and is therefore the perfect state for medical pot companies to focus on. Aged Americans have a higher chance of being diagnosed with ailments that medical cannabis can potentially treat than younger adults, making the…
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