Consumers in the United States buy a multitude of products; we love many brands and support many industries. By all accounts, the fastest growing industry in the U.S. is legal marijuana. It’s growing at an exceptional rate, one that is expected to continue for the foreseeable future.
When compared to established brands, it’s easy to see that legal cannabis is big business. While it’s true that the estimates of how much money legal marijuana made in 2015 vary and that we are comparing a whole industry to individual brands, the comparison is still a good exercise in wrapping our minds around where legal marijuana stands with consumers.
We must also understand that legal recreational marijuana sales only exist in three states: Washington, Colorado and Oregon. This only serves to make what the industry is doing that much more impressive.
The list of brands that legal cannabis greatly outsold with the numbers from 2015 is long and populated with familiar names: Dasani bottled water, DiGiorno pizza, Oreo cookies, Pringles chips, Nabisco Wheat Thins, Twizzlers; an impressive list of munchies that all have sales that pale in comparison to legal cannabis.
The future is bright for the marijuana industry for several reasons, including:
1) In most of the U.S., legal cannabis sales still do not exist, which means most of the market hasn’t even opened up yet.
2) Cannabis is a proven and well-known product that millions of people already use. There is no need for advertising blitzes and focus groups; people love weed and they would like to buy it legally if possible.
The demand is there and it is ready for the industry. Millions are waiting to stop giving money to their dealer and start making purchases in retail stores. They just need the stores to go to.