The retail sales for both medical and recreational marijuana are expected to reach a record high in 2017. This year cannabis sales are projected to hit $5 billion-$6 billion and could reach $17 billion by 2021, reported Marijuana Business Daily — based on stats from the 2017 Marijuana Business Factbook.
“The marijuana industry is primed and pumped for explosive growth in the foreseeable future, provided there isn’t a significant crackdown at the federal level,” said Chris Walsh, editorial director of Marijuana Business Daily. “The business opportunities that will emerge in the coming years are tremendous for both existing marijuana companies and new ones that start up.”
Based on the 2017 projected sales, many are expecting the industry growth to create more jobs in the U.S. than several other industries. According a report from New Frontier Data, by 2020, over a quarter million jobs will be created in the cannabis industry. This will top the amount of manufacturing and government jobs expected to be available in the coming years.
The Bureau of Labor Statistics says that manufacturing jobs are expected to decline by 814,000, utilities will lose 47,000 jobs and government jobs will decline by 383,000 by 2024.
Job creation is an important platform for many politicians, so you’d assume this would be promising news for our current administration. However, Donald Trump and Attorney General Jeff Sessions have made it clear they have no intention of federally legalizing recreational marijuana.
In fact, Sessions recently proposed reinstating the mandatory minimum prison sentences for drug offenses.
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