Marijuana industry attracts more and more investors and supporters and promises to turn into a profitable business during 2016.
Two dozen states have now approved the medical use of marijuana, which means almost half of the country has legal access to the drug. All they would need is a medical prescription.
Four other states approved the consumption of recreational marijuana for people with more than 21 years of age.
Statistics say that in Colorado, the medical and recreational marijuana use produced more than $1 billion in a single year. The sale generated $135 million in taxes and licenses, which are now invested in education, law enforcement, and drug abuse programs.
As for the rest of the country, other five states have legislative initiatives to support medical use, and six other are preparing by collecting signatures to propose similar laws.
On a state level, lawmakers are still skeptical when it comes to the advantages of marijuana. Many of them wait for the experiment’s results in Colorado, Oregon and Alaska.
Around 200 financial institutions are already working in the cannabis industry.
The federal governments have also imposed higher taxes on marijuana businesses. The companies are paying tax on gross profits, and they are not allowed to any deductions.
Until now, the cannabis industry didn’t manage to attract any of the high corporate players. But the newest name that accepted to associate their name with marijuana is Microsoft, the tech giant.
Microsoft will create a cloud software program that would help state and local authorities to regulate marijuana production. However, this project still helps the company to keep a distance from the cannabis industry, as it will approach only the administrative side of the industry.
The fact that Microsoft chose to attach its name to the marijuana business shows that the public opinion is slowing changing. The company also attracts the attention on other sides of the industry that seemed to be obscured by the dealing part.
More importantly, marijuana came as an opportunity for other areas, such as tourism, banking, security, logistics, and consultancy. Experts say that investors and large enterprises will need further encouragements from the government before getting involved in the industry.
On the local level, small businesses already seized the occasions, but lower amounts come with lower risks. Most companies involved in the marijuana industry are said to be losing money, and as long as the state will not change its position the big corporation will not further engage in what they perceive as a risky business.
Image Source: Pixabay
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