Medical marijuana sales to reach $1.7 billion this year

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Medical marijuana is now a $1.7 billion market, according to a report released today by See Change Strategy LLC, an independent financial analysis firm that specializes in new and unique markets.

To put that number in perspective, it will soon rival the annual sales of Viagra.

Medical marijuana markets exist in seven states (California, Colorado, Michigan, Montana, Oregon, Washington and New Mexico) and will open this year in five more (Arizona, Maine, New Jersey, Rhode Island and the District of Columbia).

The report says 24.8 million people are eligible to receive a recommendation and purchase marijuana legally under state laws, and approximately 730,000 actually do.

The report predicts marijuana markets will double in the next five years, driven by a rise in the number of legal patients and regulatory clarity (states will adopt regulation and license processes that facilitate the sale of medical marijuana).

“Medical marijuana markets are rapidly growing across the country,” Ted Rose, the report’s editor, said in a press release. “We undertook this effort because we noticed a dearth of reliable market information about this politically charged business.”

One Response to Medical marijuana sales to reach $1.7 billion this year

  1. Wow! Colorado went from being the healthiest state in the country to the sickest in just a year!

    We have pot stores about 5 per mile along Platte, Filmore, Nevada, Old Colorado, etc. I never would have believed that there were sooooo many poor people that could not get any relief without their daily fixes of pot until I saw all the stores that are able to ‘service’ them.

    I would say that their geographic locations in town are certainly interesting too.

    Let’s see if there is only a small percentage of the population that needs continous pain medication and out of that an even smaller percentage that allegedly can not get relief from FDA approved drugs, how can it be that there is such a need for this high growth business? Could it be that it is ‘over-served?’

    Unfortunately in my business, I run into a lot of low lifes that have certainly broadened my education. From what I am told, the hardest part for these perpetually out of work, in out of jail types to do to become a legitimate medical user is accumulating the $90 for the card. Once they have the $90, getting the card is easier than getting a driver’s license – doctor’s release? no prob. And, become an alleged medical provider to grow and sell the stuff doesn’t take much either. Just a little more mojo.

    Because of all the taxes that are generated, our grubby politicians are just going to let this continue to be a legalized high for anyone that can pay the price of admission.

    david
    March 24, 2011 at 12:39 pm