Marijuana sales eclipse $150 billion annually, and while most of those sales happen in the shadows of the black market, momentum to legalize marijuana is growing worldwide. In the U.S., 66% of Americans favor legalizing cannabis, according to a recent Gallup study, and in November, Michigan became the 10th state to approve recreational marijuana while Missouri and Utah became the 32nd and 33rd states to approve medical marijuana laws.
North of the border, Canada’s national medical marijuana market is already producing about $600 million annually in revenue, and after electing the liberal party to office in its last election, the country opened its recreational adult-use marijuana market to fanfare in October. Headway is also being made to clear obstacles to marijuana use in other large countries, including Germany and Australia.
The potential for a significant amount of money to move from the black market to regulated marketplaces is an opportunity that may rival