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.
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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.
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 sizable rally, especially as we near the legalization of weed in Canada in August 2018.
Already, related stocks are exploding. Since April 2018 alone:
Marijuana may still be one of the most controversial topics among investors, but we can’t ignore the fact that it’s also one of the most profitable stories around.
Unless of course, you don’t agree that this is quite an impressive chart.
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