You'll Never Guess Which Country Is Betting on Marijuana to Pull Its Economy Out of the Doldrums

You'll Never Guess Which Country Is Betting on Marijuana to Pull Its Economy Out of the Doldrums

When it comes to the fastest-growing industries in the world, legal marijuana ranks pretty high up the list (pun fully intended). In North America, cannabis research firm ArcView found that legal sales grew by 34% to $6.9 billion in 2016 and expects the North American market to reach nearly $22 billion in sales by 2021. That type of consistent, rapid growth is tough to come by, which is why investors have latched on to marijuana stocks and pushed many higher by well over 100%.

The catalyst behind this growth is the ever-shifting opinions toward pot among the public. In the U.S., Gallup's most recent poll finds that almost two-thirds of respondents are in favor of cannabis legalization nationally. The higher this figure goes in the U.S., and presumably in other countries, the more pressure will be placed on lawmakers to act in favor of possibly legalizing weed for medical and/or adult use.

Image source: Getty Images.

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Source: Fool.com