Now legalised in 23 states and the District of Columbia for medical use and four states – Colorado, Washington, Oregon and Alaska – and DC for recreational use, weed is big business. Farrington said independent analysts have valued the legal industry at $3bn, rising to $10bn when including ancillary trades and services. She puts the industry’s workforce at 60,000.
But there's more to come:
“You have to keep in mind that this not a new market or a new product, there is an existing consumer base who have been purchasing this in the shadows and in shame for decades,” George Jage, president of Marijuana Business Media, said. “It’s really difficult to pin down an estimate of the black market, but calling it $50bn would be a reasonable estimate.