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Is Legal Marijuana Bigger Than The Internet of Things?
The greatest innovation in history –
Nothing on earth today (and I mean nothing), not smartphones, cars, aerospace, real estate, gold, oil, software, biotechnology, nothing… is growing like the market for legal marijuana.
Consider this: By 2020, the legal marijuana market will be worth $22.8 billion (not a million, but a billion with a B). The legal cannabis market “could be bigger than the National Football League, which saw $12 billion in revenue in 2015. Between 2016 and 2029, marijuana’s projected growth will reach $100 billion — a 1,308% increase.”
Estimates place the number of marijuana users at around 50 million. About 7.6 million people do it every day. Of the 83.3 million millennials, a full 68% want cannabis to be legal and affordable. When legalization is everywhere, dozens of already established companies – in tobacco … in agriculture and irrigation … in pharmaceuticals – want to jump in without hesitation. And if you want more proof that marijuana is going mainstream, consider this…
On November 8, tens of millions of Americans went to the polls in nine states and voted on the future of marijuana. California, Massachusetts, Maine and Nevada have voted to legalize the use of marijuana. And voters in Arkansas, Florida, North Dakota and Montana passed ballot initiatives to legalize medical marijuana. Only Arizona, where recreational cannabis was on the ballot, decided against legalization. Together, these states (excluding Arizona) have a combined population of 75 million. That means one in five Americans – 20% of us – woke up on August 9th to find ourselves in a state where medical and/or recreational marijuana is legal for adults 21 and older.
Even Hollywood celebrities do it. Many people already know about the business activities of Snoop Dog, country music legend Willie Nelson and actor and comedian Tommy Chong. Few know that Grammy Award-winning singer Melissa Etheridge is developing her own line of cannabis wine, and TV talk show host Whoopi Goldberg is launching a line of medical marijuana products for women. And people listen to Hollywood icons. Nothing is more popular than a television sitcom.
On July 13, 2016, Variety revealed that Netflix was planning to air a sitcom set within a legal dispensary. The show is called DisJointed, the brainchild of television genius Chuck Lorre, creator of such mainstream blockbusters as 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 be allowed to prescribe medical marijuana. And the US isn’t the only country ready to crack down on marijuana. Israel, Canada, Spain, Mexico, Australia, Uruguay, Jamaica, Germany and Colombia have made ownership legal or illegal.
Since 1972, marijuana has been classified as a Schedule 1 controlled substance. Schedule 1 are drugs that 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 with increasing pressure from doctors, medical researchers, state governments and Congress, the Drug Enforcement Agency (DEA) is under pressure to downgrade marijuana to a Schedule II drug, or perhaps even a Schedule III drug.
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 all be dealing with a number of age-related diseases, such as glaucoma, cancer, arthritis and back pain. As it happens, cannabis-based remedies are perfect for treating these ailments. So, as the elderly population grows, so will the size of the medical marijuana market. Social acceptance of cannabis will also increase as millions of people discover the benefits of medical marijuana for themselves.
A marijuana dispensary can make more than $676 million a year. Not all cash comes from the weed itself. Most people have already heard of such things as “brownies”. But the “food” market for marijuana goes beyond that. There are herbal desserts and energy drinks. In fact, we may even see the opening of the world’s first weed distillery.
For people who don’t want to inhale smoke, there are sites that offer THC-loaded capsules, lip balms, hash bath oils, topical compounds, and even THC patches that offer “precise amounts … a quick hit and unmatched longevity.” provide Thirsty users can enjoy THC-infused coffees, sodas, and sodas. In addition to the booming market in recreational cannabis, medicinal and derivative marijuana are also seeing rapid growth, and for good reason.
Cancer patients undergoing chemotherapy and radiation treatment often lose their appetite and have sensitive stomachs. But if they do not eat, the treatments are not as effective. Cannabis has been proven to help stimulate the appetite and settle the stomach. There is also new work being done with cannabis oil that shows promise for treating 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 the most important organ in the human body, the brain. Brain cells almost dictate our emotions, thoughts, and actions by sending signals that trigger appetite and hunger. Marijuana seems to bridge the gap. Voters in the state quickly agree that cannabis is indeed a drug after the launch. Momentum only goes in one direction.
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