From the very start, people have taken for granted that the cannabis trend in North America today was exactly that: a trend.
So when the correction began, and stocks began to droop, and the North American Marijuana index lost close to 50% in the space of a year, many on that side of the argument felt vindicated.
What these naysayers may not know, or at least be willing to admit, is that the cannabis market is anything but a trend in North America.
Irrational investor exuberance notwithstanding, the strength of cannabis demand has been ramping up for years and will continue to do so.
Here are just a few pieces of evidence:
The state of Nevada earned more than $100 million in revenue from the cannabis industry during the 2018/19 financial year for a year-on-year increase of 33%. Licensing fees brought in an additional $10 million.
Across the U.S., legal marijuana is expected to cross the $75 billion mark within five years, making it 80% larger than the music industry and 50% larger than the movie industry.
A decade ago, this figure would have been less than $3 billion.
A regulated dispensary costs an average of just under $800,000 to set up but averages more than $3 million in revenue.
18% of Americans aged 18–29 consume cannabis.
Marijuana-related jobs are projected to increase 22% annually through at least the year 2020, with median salaries outpacing that of the average American worker by 10%.
In 2018, the biggest and oldest state market for recreational cannabis was California, with $2.75 billion in sales.
The most recent addition to the recreational weed club, Massachusetts, pulled in $106 million in 2018, its first full year