Recreational Marijuana Legalization in 20 States by 2024
The medical and recreational cannabis industry is flourishing rapidly right before our eyes. That what was mostly banned some years ago is developing at high speeds now. Investors and companies become more and more involved into cannabis business since this sphere seems a big-time moneymaker.
In 2014, according to Arcview Market Research and BDS Analytics, world cannabis sales grossed $3.4 bln. In 2018, the sum almost tripled to $10.9 bln. By 2024, it’s expected that the earnings will be about $40.6 bln. in global licensed-store sales, which is almost four times more if comparing to 2018. All of it makes cannabis market an especially profitable realm to work in.
If marijuana becomes legal on the federal level, the U.S. cannabis market will be responsible for between ⅓ and ½ of all global marijuana sales in five to ten years’ time. Supposedly, by 2024, medical marijuana will be legal in all U.S. states but recreational marijuana will become legalized in only 20 of them. Here’s a list of 20 states that might legalize adult use of cannabis by 2024:
- New Jersey
- New Mexico
- New York
- Rhode Island
Some of these states have already given recreational marijuana a green light. Illinois, Michigan, and Vermont are ready to make cannabis legitimate in the nearest future. New York as well as New Mexico, for example, have already decriminalized the use of marijuana. In those states, possession of weed is no longer a misdemeanor; instead of jail or prison time individual has to pay a fine. However, it is expected that New York and New Mexico along with Arizona, Connecticut, Delaware, Maryland, New Jersey, Ohio, and Rhode Island will be ready to commence legal cannabis sales in 5 years' time.