Six Predictions For The Marijuana Industry In 2017
Cannabis Scientist Joins the Chorus of Disdain Against Monsanto
Many watched with delight as Prop 64 was approved in California this past November. Others had mixed reactions provoked by fear that big business would sweep in and wipe out the small growers and sellers who had been steadfastly, and quietly, supplying our weed for the last several decades.
They weren’t totally wrong to be concerned; the industry is taking off like wildfire.
Take a look at the numbers: Colorado raked in nearly a billion dollars in the first 10 months of 2016. Forbes Magazine projected the cannabis market could grow 700 percent by 2020, and just about the straightest banking newsletter on earth placed marijuana as the third fasting growing industry in the country (after 3-D printing and drones!).
More Good News for Those Who Want to See Marijuana Legalized
As 2016 comes to a close, it can arguably be described as the best year ever for marijuana. At the beginning of the year, 23 states had legalized medical cannabis, while residents in just four states had voted in favor of legalizing recreational marijuana. By year's end, five new states had legalized medical pot, and another four had voted in favor of legalizing recreational weed.
The sales figures behind pot speak volumes of how far it has come and where it's expected to head next. According to investment firm Cowen & Co., the legal pot industry is worth about $6 billion at the moment. However, the opportunities for organic growth (pun intended), as well as expansion via new state approvals, could push the legal market size to an estimated $50 billion by 2026. This would imply a greater-than-23% compound annual growth rate for the next decade.
Missouri Lawmakers Introduce Two Medical Marijuana Bills
A couple of Missouri lawmakers will be pushing once again in the 2017 legislative session to legalize a comprehensive medical marijuana program for patients living with severe health conditions.
It was revealed this week that Senators Jason Holsman, a Democrat from Kansas City, and Rob Schaaf, a Republican hailing from St. Joseph, have separately introduced legislation to be heard in the upcoming session aimed at creating a statewide medical marijuana program.
Although there are not many details available on Holsman’s proposal, a measure filed under Senate Bill 56, the brass tacks of this effort is that it would allow the state to “grant licenses for the cultivation, manufacture, distribution, and sale of marijuana for medical use.”
Authorities: ‘Godfather of Grass’ Arrested in Canada
LOUISVILLE, Ky. (AP) — Authorities say a man known as the “Godfather of Grass” has been arrested in Canada after eight years on the run.
The U.S. Marshals Service says authorities sought John Robert “Johnny” Boone after they seized 2,400 marijuana plants on his Kentucky farm. The agency said he was arrested Thursday when information led authorities to a small town outside of Montreal.
Boone, who is about 73, spent more than a decade in federal prison after being convicted in the 1980s in what prosecutors called the “largest domestic marijuana syndicate in American history.” They said he had 29 farms in Minnesota, Illinois, Indiana, Kentucky, Michigan, Nebraska, Missouri, Kansas and Wisconsin. The group became known as the “Cornbread Mafia,” and prosecutors said Boone was the leader.
Boone is awaiting extradition to the U.S.
Marijuana Dispensaries see Increased Sales During the Holidays, Just like Other Retailers
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