As more countries lift the ban on drug use, medical marijuana is forging ahead and is gaining new market territories. While the drug might not be acceptable to everyone, still, many persons are now seeing the financial benefit a country can gain from it.
In the state of Washington, $70 million has already been collected in tax revenue from the product since the governing authorities made the drug legal for medical or recreational purposes. The Washington State Liquor Control Board reports that $257 million of marijuana was sold by dispensaries doing business across the state. Experts are however saying that the $70 million in tax from the product collected in Washington is still a bit low. Others are saying that since marijuana has been legalized for the first year, the tax collected so far is a good haul.
However, lawmakers are still not calling it quits with creating stringent laws that will affect the industry. Since today, King 5 News reported that lawmakers inside Washington passed a law that will make using butane gas by any marijuana processor an unlawful act. The law is supposed to take effect on Friday 31, 2015.
As more states in the US continue legalizing the product, more retail shops are opening up for business and more cultivators are acquiring lands to plant the crop. To find out more about using marijuana, please visit this website at weedseedshop.com.
In some states where the product is legalized, authorities are now allowing fliers to board and travel on planes with the item under the condition that they carry the amount legally prescribed by law.
Meanwhile on the world scene, marijuana is outdoing some popular drugs such as opium and others. In 2013, the United Nations Office on Drugs and Crime reported that a quarter of a billion users of the product to adults of up to 64 years old, which makes the drug seem stable in the eyes of the public.
The growth of global cocaine decreased 10% over the years of 2012 and 2013 as more persons are turning to marijuana smoking. While global sales boom, cultivation also is on the increase as demand and supply meet.
The decline of the cocaine market may have had a harsh impact on the cartels that depend on the drug to finance them. However, what is left of the market since the legalization of marijuana is still able to provide enough money for them to continue getting rich.
Banks in the US and in some corners of the world where the product is selling legally are fearful of lending money as capital to marijuana retailers and cultivators because they are afraid of suffering losses. However, since many retailers are opening up shops, experts in the industry are predicting that banks will get the message and start lending money to entrepreneurs soon.
In Belgium, marijuana sales are rising fast. In 2012 to 2014, the nation witnessed a great increase in sales as the drug rose from 21,000 to 30,000 users, which is signifying over 40% increase.
As more persons are beginning to use marijuana drug, the demand for more cultivators will become evident and more retailers will be able to bite a larger portion of the market within the area where their shops are located. The more demand consumers place on the drug, the more cultivators and retailers will be able to expand their business and thus increase profit.