There is more public support for cannabis law reform than ever before with new polls showing more than half the country is in favor of legalizing cannabis. The Drug Policy Alliance believes cannabis should be removed from the criminal justice system and regulated like alcohol and tobacco.
Why should cannabis be legalized? First, to reduce harm. The criminalization of cannabis use disproportionately harms young people and people of color, sponsors massive levels of violence and corruption, and fails to curb youth access. Second, to create jobs. Legalizing and regulating cannabis will bring one of the nation’s largest cash crops under the rule of law. This will create jobs and economic opportunities in the formal economy instead of the illicit market. Third, to save money. Scarce law enforcement resources will be better used to ensure public safety while reducing corrections and court costs. State and local governments would acquire significant new sources of tax revenue from regulating cannabis sales. Fourth, to promote consumer safety. Cannabis product testing is becoming a standard requirement for legalized cannabis markets. This means consumers are better informed about the cannabis they use.
Just how big is the market for legal cannabis? A recent report by a leading consulting firm found legal cannabis sales jumped 17% to $5.4 billion in 2015 and they will grow by a whopping 25% this year to reach $6.7 billion in total U.S. sales. More recently, another consulting firm prediction that the legal cannabis market will see a whopping $21.8 billion in total annual sales by 2020, which by comparison, at that point, the legal marijuana market could be bigger than the National Football League, which saw roughly $12 billion of revenue last year.
We are so excited that Cannabis Stock Picks is providing you with investment research on the cannabis industry through our upcoming launch of cannabisstockpicks.com. In fact, our excitement is bubbling over so we are front running our upcoming launch with a quick review of 8 stocks. This is quite the opportune time for review considering legalizing medicinal use will be on the ballet in the United States across 23 states this year (25 already legal) and legalizing recreational use will be on the ballet in Canada next year (medicinal already legal at the federal level).