Will the GOP Tax Plan Lead to a Surge in Marijuana Legalizations?
There's a reason the legal marijuana industry is known as the "green rush." According to a report from Marijuana Business Daily, entitled "Marijuana Business Factbook 2017," the U.S. legal cannabis market is expected to grow by 45% in 2018 and by an aggregate of 300% between 2016 and 2021. By 2021, we could be talking about $17 billion in annual sales being conducted in legal states.
Today, there are 29 states (along with Washington, D.C.) that have legalized cannabis for medical use, and eight states (and Washington, D.C.) have voted to allow the sale of pot to adults ages 21 and up. This expansion simply would not have been possible without a consistent shift in the way the public views marijuana. Since 1995, favorability toward the idea of legalizing marijuana has improved from 25% to 64% as of October 2017, according to national pollster Gallup. The higher favorability goes, the more likely it is that new states will legalize. After all, if elected officials don't follow the will of their constituents, they risk being voted out of office.
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Source: Fool.com
