This Landmark Marijuana Bill Would Move Cannabis to Schedule III
The Marijuana industry is growing rapidly, and at the moment it seems as if nearly everyone wants in.
According to cannabis research firm ArcView, legal cannabis sales in North America surged by 34% last year to $6.9 billion, and by 2021, sales of legal weed are expected to top $22 billion. Investment firm Cowen & Co. is arguably even more bullish, calling for $50 billion in legal pot sales by 2026, which works out to a compounded annual growth rate of more than 23%.
This growth rate is all thanks to the rapidly changing opinion of the public and a number of legislators in select states. National pollster Gallup, which has been keeping tabs on the public's opinion of marijuana for nearly 50 years, notes that 60% of respondents were in favor of a national legalization in its 2016 poll, an all-time high. Comparatively, just 25% felt the same way back in 1995.
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