Cannabis Industry Will Rise to $50 Billion Over Following Years

A mainstream investment bank has recently presented a forecast that states the marijuana industry is going to grow eight times its size reaching up to $50 billion over the next decade. The rapid growth of the industry will be triggered by the legalization of cannabis and the reduction of the black market.

The report was provided by Cowen & Co., a New York investment bank founded almost a century ago, so the prediction will probably give the marijuana industry additional credibility and legitimacy. Moreover, this November, up to ten states will be voting on the legalization of either medical or recreational cannabis.

Cowen’s prediction states the government will legalize cannabis. Although the restrictions in marijuana industry have existed for more than eighty years, state cannabis-related policies are now easing, which will inevitably lead to federal legalization.

According to Bloomberg, Cowen stresses that a 24 percent total annual growth rate in as little as ten years is hard to find in consumer staples.

Let us remind you that last year, Merrill Lynch, the investment banking branch of Bank of America, presented a report about marijuana that contained basic information about it, the benefits for some medical conditions, excerpts from state medical cannabis laws, and the results of public surveys about marijuana.