Is legal marijuana bigger than the Internet of Things?
The greatest innovation in history –
Nothing on Earth today (and I mean nothing at all), not smartphones, cars, aerospace, real estate, gold, oil, software, biotech, nothing… is growing so much or as fast as the market for legal marijuana.
Consider this: By 2020, the legal marijuana market will exceed $22.8 billion (not millions, but billion with a B). Between 2016 and 2029, the projected growth of marijuana is expected to reach $100 billion, a growth of 1,308%.
Estimates put the number of marijuana users at some point in the neighborhood of 50 million people. Up to 7.6 million are delivered daily. Of the 83.3 million millennials, 68% want cannabis to be legal and available. Once legalization takes root everywhere, dozens of established companies, in the tobacco industry…in agriculture and irrigation…in pharmaceuticals, will want to participate without hesitation. And if you want more proof that marijuana is going mainstream, consider this…
On November 8, tens of millions of Americans in nine states went 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 have approved ballot initiatives legalizing medical marijuana. Only Arizona, where recreational cannabis was up for a vote, decided not to legalize it. Together, these states (excluding Arizona) represent a total population of 75 million people. That means one in five Americans, 20% of us, woke up on August 9 to find themselves in a state where medical and/or recreational marijuana is legal for adults 21 and older.
Even Hollywood celebrities are getting involved. Many people are already aware of the marijuana-related business activities of Snoop Dog, country music legend Willie Nelson, and actor-comedian Tommy Chong. Less are aware that Grammy Award-winning singer Melissa Etheridge is developing her own line of cannabis-infused wine and TV host Whoopi Goldberg is launching a line of medical marijuana products geared toward women. And people listen to Hollywood icons. Nothing is more mainstream than the TV sitcom.
On July 13, 2016, Variety revealed that Netflix plans to air a sitcom set inside a legal marijuana dispensary. Called DisJointed, the show is the brainchild of television genius Chuck Lorre, creator of 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 prescribed by a doctor. And the US isn’t the only country about to loosen its kidneys with marijuana. Israel, Canada, Spain, Mexico, Australia, Uruguay, Jamaica, Germany, and Colombia have legalized or decriminalized possession.
Since 1972, marijuana has been classified as a Schedule 1 controlled substance. Schedule 1 drugs are those considered to have no medical use and have a high potential for abuse. As a Schedule 1 drug, marijuana is grouped together with heroin, LSD, and ecstasy. But facing mounting pressure from doctors, medical researchers, state governments, and Congress, the Drug Enforcement Agency (DEA) has come under pressure to downgrade marijuana to a Schedule II drug, or perhaps even to Schedule II. List 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 a host of age-related ailments, including glaucoma, cancer, arthritis, and back pain. It just so happens that cannabis-based remedies are particularly well-suited for treating such illnesses. So as the senior population grows, so will the size of the medical marijuana market. The social acceptance of cannabis will also grow, as millions of people discover the benefits of medical marijuana for themselves.
A single marijuana dispensary could generate more than $676 million a year. Not all of that money comes from the weed itself. Most people have heard of things like “pot brownies” by now. But the market for marijuana “edibles” goes further than that. There are marijuana desserts and marijuana energy drinks. In fact, we are about to see the opening of the world’s first marijuana distillery.
For those reluctant to inhale smoke, there are sites offering THC-laden capsules, lip balms, hash bath oils, topical compounds, and even THC patches that provide “precise dosing…quick onset and unbeatable longevity.” Thirsty users can enjoy coffees, soft drinks and THC-infused sparkling waters. In addition to the boom in the recreational cannabis market, medical marijuana and its derivatives have also seen tremendous growth, and for good reason.
Cancer patients who undergo chemotherapy and radiation often lose their appetite and have sensitive stomachs. But if they don’t eat, the treatments aren’t as effective. Cannabis has been shown to help stimulate the appetite and settle the stomach. There is also new work being done with cannabis oil that shows promise for the treatment of epilepsy, multiple sclerosis, some cancers, and even rheumatoid arthritis. The oil is also effective for insomnia.
For most of the 20th century, doctors knew little about the workings of our most important organ, the human brain. Brain cells dictate almost one of our feelings, thoughts and actions by sending signals that trigger appetite and hunger. Marijuana seems to close the gap. Voters in the state after the start are quickly coming to an agreement that cannabis is, in fact, a medicine. The momentum only goes in one direction.