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Is Legal Marijuana Bigger Than The Internet of Things?
The greatest innovation in history –
Nothing (and I mean nothing) on Earth today, smartphones, automotive, aerospace, real estate, gold, oil, software, biotechnology, nothing… is growing as fast as or as fast as the market for legal marijuana.
Consider this: By 2020, the legal marijuana market will top $22.8 billion (not a million, but billion with a B). The legal marijuana market “could be bigger than the National Football League, which generated $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 in the neighborhood of 50 million people who are part-time users of marijuana. About 7.6 million people consume it every day. Of the 83.3 million millennials, fully 68% of them want cannabis to be legal and available. Once legalization is widespread, dozens of already established companies – in the tobacco industry… in agriculture and irrigation… in pharmaceuticals – want to jump in without hesitation. And if you need more proof that cannabis is going mainstream, consider this…
On November 8, 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 legalizing 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. That means one in five Americans – 20% of us – woke up on August 9th to find medical and/or recreational marijuana legal for adults 21 and older.
Hollywood celebrities are also getting in on the act. Most people are already aware of the weed-related business activities of Snoop Dogg, country music legend Willie Nelson, and actor and comedian Tommy Chong. Fewer know that Grammy Award-winning singer Melissa Etheridge is developing her own line of cannabis-infused wine, 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 a TV sitcom.
On July 13, 2016, Variety revealed that Netflix was planning to air a sitcom set in a legal pot dispensary. Titled DisJointed, the show is the brainchild of TV genius Chuck Lorre, creator of mainstream blockbusters like The Big Bang Theory and Two and a Half Men. A recent Quinnipiac University poll found that 89 percent of voters in the United States believe that adults should have legal access to medical marijuana when a doctor prescribes it. And the USA isn’t the only country ready to loosen the reins on cannabis. Israel, Canada, Spain, Mexico, Australia, Uruguay, Jamaica, Germany and Colombia have either legalized or criminalized possession.
Since 1972, marijuana has been classified as a Schedule 1 controlled substance. Schedule 1 drugs are considered to lack medical use and have a high potential for abuse. As a Schedule 1 drug, marijuana is grouped 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 come under pressure to reduce marijuana to Schedule II or perhaps 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 face many age-related diseases 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 continues to grow, so will the size of the medical marijuana market. Social acceptance of marijuana will also increase, as millions of people discover the benefits of medical marijuana for themselves.
A single marijuana dispensary can bring in over $676 million a year. Not all that cash comes from weed. Most people have already heard of things like “pot brownies”. But the cannabis “edible” market goes beyond that. There are Weed Desserts and Weed Energy Drinks. In fact, we’re about to open the world’s first weed distillery.
For people averse to inhaling smoke, there are sites offering THC-containing capsules, lip balms, hash bath oils, topical compounds and even THC patches that offer “precise dosing…rapid onset and unmatched duration.” Thirsty users can enjoy THC-infused coffee, soda, and sparkling water. In addition to the boom in the recreational marijuana market, medicinal marijuana and its derivatives are also growing rapidly, and for good reason.
Cancer patients undergoing chemotherapy and radiation may experience loss of appetite and a sensitive stomach. But if they don’t eat, the treatment is not as effective. Cannabis has been proven to help stimulate the appetite and settle the stomach. New work is also being done with cannabis oil that shows promise in treating epilepsy, multiple sclerosis, some cancers and even arthritis. This oil is also effective against insomnia.
For most of the 20th century, doctors knew little about the function of the human brain, the most important organ. Brain cells send almost a signal to our senses, thoughts, and actions that trigger appetite and hunger. Marijuana appears to bridge this gap. After the start, voters in the state are quickly coming to an agreement that cannabis is, in fact, medicine. Motion is only going in one direction.
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