Tax Revenues from Cannabis Sales are Expected to Climb Even Further
NEW YORK, July 10, 2018 /PRNewswire/ —
According to a report published by the research firm Cowen & Co., the U.S. legal cannabis industry is expected to reach USD 75 Billion in sales by 2030. The research clarifies that the increasing consumer backing of legal cannabis, and its wider access, is driving meaningful change at the state level. Moreover, Cowen expects to see ballot initiatives to legalize cannabis for adult-use in both Michigan and Illinois in the upcoming midterm elections. Furthermore, expanded access in Maine, Massachusetts and New Jersey might inspire other states in the Northeast to pursue legalization. WeedMD Inc. (OTC: WDDMF), Invictus MD Strategies Corp. (OTC: IVITF), Kush Bottles Inc. (OTC: KSHB), Aurora Cannabis Inc. (OTC: ACBFF), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE).
So far in 2018, Canada has legalized cannabis on a national level, and the state of California has legalized sales of cannabis products for recreational use. These recent developments are expected to have significant financial and economic implications. A report by Fortune indicates that, “In order to collect USD 1 Billion a year in taxes, the state will need to reach a projected USD 7 Billion in annual legal recreational cannabis sales. At that rate, California would easily be the country’s largest legal marijuana market, as the entire legal cannabis industry in the U.S. is expected to pull in roughly USD 10 Billion in total sales for 2017. That number would almost certainly get a boost in the coming years, as legal markets grow in California and other states, such as Nevada and Massachusetts.”
WeedMD Inc. (OTC: WDDMF) is also listed on the Toronto Stock Exchange Venture under (TSX-V: WMD). Earlier last week, the Company announced breaking news that, “it has entered into an agreement with the Alberta Gaming, Liquor & Cannabis Commission (“AGLC”) to supply