The Medical Marijuana Boom

Despite medical marijuana still being deemed illegal on a Federal level, its use recreationally and medicinally is booming at a state level.

In fact, more than half of the states in the U.S. have legalized the use of medical marijuana, demonstrating far-reaching health, economical, and community benefits.

So, how big could the medical marijuana business become in the future?  Here’s what you need to know.

What Kind of Marijuana Use is Legal?

Nine states within the U.S. have legalized the medical and recreational use of cannabis.

To better understand what’s permitted under this legalization, DC for example, allows its residents to smoke, possess, and give marijuana as a gift. However, it is illegal to buy or sell it.

Additionally, 30 states, including Maryland and Virginia, have passed laws for marijuana to be obtained for medical use only.

How is the Legal Marijuana Industry Growing?

The medical cannabis industry is growing at a rapid rate and doesn’t show any signs of slowing down.

Its annual revenue in 2017 reached $9 billion, which is the same as sales for Pampers diapers that same year.

If that’s not enough, legalized marijuana stands to rake in $11 billion in 2018 and a projected $21 billion in 2021.

What are the Benefits of Medical Marijuana?

Medical marijuana now comes in many forms including oils, hash, shatter, and rosin.

Other products include a variety of baked goods and candies, which are often used to alleviate pain associated with multiple conditions as well as the treatment of epilepsy.

The marijuana boom also helped create over 121,000 jobs in 2017 for cultivators, manufacturers, retailers, dispensaries, distributors, deliverers and test labs. This number is expected to more than double by 2021.

Plus, the tax revenue from legalized marijuana has been funneled to state’s infrastructure and education programs.

What’s the Future of Medical Marijuana?

Despite the medical and economic benefits of state legalized marijuana, Attorney General Jeff Sessions is adamantly opposed to its use, and many within the industry are unsure if and how he will interfere.

Nevertheless, as more states support and legalize medical marijuana, the federal government may be convinced to step aside.

To learn more about the medical cannabis boom, or for more info on medical marijuana in Maryland, please call our dispensary today.