Move Over Apple: Medical Marijuana Is Now The Fastest-Growing Industry In The USA
Getting in on the ground floor of an industry that is about to explode is every investor’s dream, but alas, few people have the instincts required to anticipate the “next big thing,” to foretell which industry is about to boom in revenue. Who could have predicted, for example, that Apple Inc., once reviled in the press and nearly bankrupt, would become one of the most successful companies on Earth after debuting the iPhone? Each year, as Apple released successive models of iPhone, profits rose—until revenues topped 58 billion dollars (with $13.6 billion in net profit) in 2015 following the release of the iPhone 6.
In today’s unstable marketplace, few industries are producing these kind of success stories; the high tech world is glutted with cheap products from overseas, the trades are in perpetual decline, and even real estate and the automotive industry are on shaky ground as fewer young people are buying cars and houses. However, the more things change, the more they also stay the same: It might surprise you to learn that the fastest-growing industry today is just as bullied by the press and underestimated by the average person as Apple was in the mid-1990s.
Medical marijuana, a substance which has long been the target of harmful propaganda in spite of the fact that the plant has numerous helpful purposes and a very low risk of side effects, is finally gaining the recognition it deserves. As people grow more aware of the toxicity of many common synthetic prescription drugs, medical marijuana is becoming an increasingly popular natural alternative—and this is reflected in the industry’s staggering profits in those states where it is legal. According to a report obtained by the Huffington post, medical marijuana is “The fastest-growing industry in the United States, and if the trend toward legalization spreads to all 50 states, marijuana could become larger than the organic food industry.” Troy Dayton, CEO of The ArcView Group, adds that, “In the last year, the rise of the cannabis industry went from an interesting cocktail conversation to being taken seriously as the fastest growing industry in America.”
Those who remember when the first iPhone debuted in 2007 and was talked about as an interesting curiosity (with its then unheard-of “apps”) before soaring to market dominance just a year later and driving a revenue of $8.16 billion (despite the recession) will be experiencing deja vu as the marijuana industry’s revenues hit an estimated $6.7 billion this year. As was the case with Apple, it’s creative innovation which underlies this explosion in sales: In Colorado and Washington, where recreational marijuana use by adults is also permitted, a wide range of vaporizers, edibles, extracts, and capsules are being developed, intriguing consumers. As a direct result, Colorado adult use sales surpassed $100 million last year for the first time, and sales in Washington grew three fold during the same period (from $18.8 million in January 2015 to $75.3 million in December 2015).
Speaking on the progress of the industry, Troy Dayton is enthusiastic: “These are exciting times,” he says, “and new millionaires and possibly billionaires are about to be made, while simultaneously society will become safer and freer.”
Cerrone Crowder is the CEO of The D.O.P.E (Delivering Opportunities for People Everywhere) House Inc., a nonprofit based in the Chicago-land area whose mission is aimed at providing equal Medical Marijuana access to low-income patients. As an emergency medical professional for over a decade, “The Weed Professor” has dedicated himself to educating the masses on the numerous health benefits of the cannabis plant. He can be reached at: firstname.lastname@example.org