Ever since pot has been legalized, the product has become a growing semi-legal business entity across the United States. During the year 2015 alone, the numbers have reached $5.7 billion in sales and has averaged to employ about tens of thousands of people working and paying taxes. Businesses that grow, pack and retail the legal pot seems to be doing well, according to a report from USA Today.
Currently, Alaska, Colorado, Oregon, Washington State and Washington DC have legalized adult recreational use while some 23 states allow medical use of the cannabis product. Those that use cannabis as a medical element will need to have a medical card. Still, it remains as an illegal drug or controlled substance when it comes to federal levels. This puts the national government at odds versus a growing number of states moving to legalize pot for medical use, recreational use or both.
Now, the rest are rushing to get in on the legal pot game. According to the newly released Fourth Edition State of Legal Marijuana Markets Report, the increase in sales has come from the adult use market which hit $1.3 billion last year. If it stays on the same route, adult use and medical marijuana sales are expected to reach nearly $23 billion by 2020.
How has Oregon fared these past few months? The state has passed its first month of taxable commercial sales from recreational pot and it has generated $3.5 million in tax revenues which exceeded its initial projections, as told by Yahoo News. In January alone, Oregon's 300 licensed pot retailers were able to sell $13.9 million which generated $3.48 million in taxes.
While these states are looking at a positive outlook, Alaska expects to open stores by the end of 2016.
How long do you think until the whole of United States will be able to purchase cannabis for medical and recreational use?
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