The marijuana gold rush is still happening, especially when you think of it on a national scale.
Washington state still doesn’t seem to have its recreational pot game down, and California, America’s golden ticket of cannabis markets, is poised to legalize recreational weed next year.
Against that backdrop, Marijuana Business Daily’s new Factbook analyzed the numbers and predicts that the coast-to-coast marijuana business will generate $30 billion in economic impact annually by 2019.
Today, the publication says, the market is generating $10 billion worth of revenue, with $3.1 billion attributable to direct dispensary and recreational sales.
The rest is what MBD calls the “marijuana multiplier” effect, which it says includes “money spent by growers, retailers, infused product makers, testing labs and ancillary product and services firms on business expenses, ranging from staff salaries to security.”
Here’s how the publication explains it:
The report estimates that every dollar of cannabis sold at the retail level in states where medical or recreational cannabis is legal adds at least another $2.60 to the economy, much of it at the local level.
With more and more states poised to legalize at least medical cannabis, dispensary revenues are expected to explode:
Revenue generated by dispensaries and retail stores is projected to more than double over the next few years as more states legalize and the industry expands, hitting $6.5 billion-$8 billion by 2019, according to the Factbook.
The big loser here, MBD says, will be the illegal pot market. That’s fine with us.