Here’s a deeper look at the potential economic impact of conservative states entering the medical market…
That’s astute, as bringing more states into the legal fold cuts down on black market sales and brings that money to companies operating within the law.
But you have to crawl before you walk, and everything starts with legalizing medical cannabis.
According to Pew Research Center, 55% of Republicans and 78% of Democrats polled in 2019 support legalization.
That’s just when respondents were asked about cannabis in general. The support for legalizing medical cannabis is another story.
Turns out, nine-in-ten adults in the U.S. are in favor of legalizing medical cannabis.
Broken down by political affiliation, Republican support for medical cannabis clocks in at 87% while Democratic support is all the way at 96%.
It’s no wonder support for medical cannabis is sky-high.
Countless researchers have demonstrated the health and wellness benefits of cannabis for everything from cancer to migraines.
The Staggering Economic Impact of Legalization
In 2020, we have 19 states that could potentially pass some form of cannabis legalization. The economic impact of that would be staggering.
Let’s break it down.
According to projections by New Frontier Data, should all 19 states be successful…
- 90% of the U.S. population would have access to a legal weed market.
- $3.5 billion could be generated in sales just during the first year.
- $11.5 billion could be generated in sales by the fourth year.
- And by 2025, the size of the legal cannabis industry could grow to $41.6 billion.
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And conservative states are playing the biggest role in making that happen this year.
Conservative States Look to Enter the Medical Market
On Monday, we talked about the most important aspect of cannabis legalization – the bigger picture that legalizing all cannabis use across the country and bringing money from the illegal to legal markets is what will move the needle.
And increasing access to medical cannabis for patients in need plays a big role in all of that.
Some black market sales are from people who are sick and who also want to avoid using opioids. They would gladly purchase medical cannabis if their state allowed it or had less stringent qualifying conditions.
Eventually, the federal ban on cannabis in the U.S. will end but, again, everything starts with legalizing medical use first.
Of the 19 states that are actively considering cannabis reform in 2020, eight of those are looking to enter the medical market: Virginia, North Carolina, South Carolina, Mississippi, Georgia, Tennessee, Texas, and South Dakota.
By our estimates, Idaho, Nebraska, Montana, Alabama, and Kentucky could also possibly get their acts together to legalize medical cannabis, but most likely not this year.
Collectively, these states could give over 1.3 million medical patients legal access to cannabis.
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Even with the majority of these states leaning Republican, the data tells us that the demand for medical legalization is not a partisan issue but instead, a priority.
As the great cannabis advocate, Steve DeAngelo, once said, all cannabis use is medical.
Cannabis legalization – both medical and recreational – is inevitable. The real question is, will you be in a position to profit when and if the U.S. cannabis market reaches its $1 trillion potential?
4 responses to “The One Thing Republicans and Democrats Can Agree on – Medical Cannabis”
January 15 2020