While it’s not legal in all states, cannabis is on its way to becoming a top moneymaker for a number of savvy entrepreneurs and business people. California recently passed recreational marijuana use, joining the eight states and the District of Columbia who have done the same.
With all that’s happening in the cannabis industry, it’s a sure sign that right now is a good time to hop on board. In 2017 alone, the marijuana industry, both recreational and medicinal, reached $7.9 billion. And it’s only predicted to grow — by 2025, it’s estimated to reach $24.1 billion. State governments where marijuana use is legal are also benefiting from the high-growth industry, collecting nearly $745 million in taxes.
If you’re thinking of jumping into cannabis, it’s important to know who the primary consumers are. Millennials between 21 and 35 make up 41 percent of cannabis consumers, followed by 26 percent of people between 36 and 45, 16 percent between 46 and 55 and 17 percent 55 and older. It’s nearly a 50/50 split between male and female.
There are a number of ways to get started in the cannabis business. To learn more, check out BusinessStudent.com’s infographic below.