If you follow GradMoney on Facebook, Twitter or Instagram, you'll recall that a few weeks ago I attended a conference on investing in one of the soon-to-be largest new industries in the United States: cannabis. Yes, weed, Mary Jane, marijuana, etc.
Why am I even bringing it up? Well, for one I live in Colorado, which is one of the first US states to legalize recreational cannabis, and it has been one of the smartest moves the state could make on a tax basis. In fact, the tax revenues that the state collects on marijuana sales have surpassed that of alcohol and tobacco, and since 2012, Colorado has collected enough tax revenues from weed to fund the state's school lunch program for the next 70 years. Yup. It pays for itself.
While not legal on a national level, more and more states are jumping on this bandwagon. Since the 2016 election, California, Maine, Massachusetts, Nevada, and Washington D.C. have joined Colorado, Washington, Oregon, and Alaska in fully legalizing marijuana for recreational and medical usage. The map below shows where each currently stands regarding the laws surrounding marijuana.
Additionally, even in states where it is not fully legal to utilize weed, it's still being used. This map below shows just how common it is for individuals to use weed, regardless of its legality. Notice a trend?
Regardless on your feelings towards weed, the truth of the matter is that it is an extremely useful and valuable plant with so much potential. Drug companies hate it because it will cost them billions in lost revenue when they can't get people addicted to pain killers with side effects that will kill them. There have been no recorded fatalities linked to the use of marijuana. Despite the news outlets saying legalization will lead to a ton of stoners, marijuana is actually far more commonly used in the treatment of diseases (like chronic pain, child epilepsy, MS, etc.) than it is used to just get high.
And THIS is where the business lies.
Regardless of what you think of Mr. Trump, the guy is in the money-making business, and I highly doubt he would attempt to shut down the growth of an industry this large. I have hope that one day cannabis will be made legal on a Federal level, but until that day, there is a TON of growth just waiting for investors.
Just as Joseph Kennedy made the Kennedy's a household name by jumping in on the hope that alcohol would be decriminalized and made legal in the US again, and just as the men who sold picks and shovels to gold diggers during the California gold rush, you also have the opportunity to jump in on an industry that will explode in the coming years.
So what should you buy and what should you expect? Well, expect a lot more information on cannabis investing on GradMoney in the coming weeks! knowing how to play a growing industry is incredibly important, and we will discuss how.
Greetings, GradMoney Readers!
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