A new study concludes medical marijuana is booming business.
Medical marijuana, legally sold in only seven states, already has the revenue ($1.7 billion) of Viagra, a drug available everywhere there are men who like sex. The study says legal marijuana sales will likely be much higher in 5 years –up to $8.7 billion.
The study, by See Change Strategy, was released Wednesday.
You can buy a lot of Spreewells with that kind of change.
I have no idea what the market would be for legalized non-medical marijuana, but it would have to dwarf $8.7 billion, even if prices declined with increased urban farmer production.
Stephen Easton, writing for the Fraser Institute, estimates if the government sold marijuana at the current inflated street price ($10 per gram), an extra $100 billion in taxes could be sucked out of consumer pockets.
Elected officials could upgrade their $60,000 SUVs, that’s for sure.
Or, if Congress used that $100 billion a year prudently, the U.S. could pay off its national debt in just 140 annual payments.