There’s green gold in them thar hills.
As the modern day Gold Rush rages on, experts are predicting quite a significant boost in marijuana sales.
In fact, at current pace, sales may be on pace to match U.S. soda sales by 2030.
The $75 billion projection by 2030 also compares with current annual U.S. wine sales of about around $60 billion. Cigarette sales held at $77 billion and beer sales at $110 billion.
That’s according to Cowen & Company, which believes the U.S. cannabis industry is widely expected to reach $75 billion in sales in the next 12 years.
That’s almost as big as the $76.4 billion U.S. soft drink market.
Granted, Cowen & Company analysts previously predicted the market would reach $50 billion by 2026. But we’re already well past that. If we look at 2016 legal and illegal marijuana sales in the U.S. and Canada, folks have already spent $53.3 billion.
States that have moved to legalize it have seen quite a boom of their own.
Nevada’s recreational marijuana market has exploded, as retailers sold close to $200 million of cannabis between July and December 2017. That’s significantly faster than Washington State, which sold $67 million worth, and Colorado, which sold $114 million.
Nevada was also able to collect more than $30 million in taxes in just six months.
- California could see $5 billion in revenue from recent legalization. Recreational sales could soon double the size of the marijuana market.
- Massachusetts is estimated to see around $1.5 billion in gross sales.
- Maine is projected to enjoy $290 million in gross sales annually.
- In Florida, legalization could generate up to $2 billion in annual sales. North Dakota could see $75 million just starting out.
But the money is just beginning to flow.
Nowadays, as more than 29 U.S. states plus Washington, D.C. have approved its medicinal use, and as eight states have approved its recreational use, we could be about to witness a repeat of the triple and quadruple digit returns some stocks have already seen.
So what’s the best way to dig to take part in the modern day Gold Rush?
We’re sharing the full details in our next issue of Biotech Options.
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