Canada May Be Readying to Fully Legalize Marijuana
The growth prospects for the U.S. marijuana industry are phenomenal. Investment company Cowen & Co. anticipates that today's $6 billion in legal sales could turn into $50 billion in legal sales by 2026, while cannabis research ArcView has suggested that compound annual growth for the industry could average about 30% through 2020.
The impetus behind this rapid growth is the dramatic shift in public opinion toward marijuana. National pollster Gallup has shown that in roughly two decades, support for nationwide legalization has jumped from just 25% to an all-time high of 60%.
We've also witnessed a number of states getting behind the idea of regulating the drug in an effort to boost taxable revenue. California, which is one of the eight states out of nine where residents approved a marijuana initiative or amendment in the November elections, stands to see another $1 billion-plus in tax revenue generated annually from the...
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