So which brings in more money, marijuana or the munchies that get consumed like there’s no tomorrow after getting medicated?
Sean Levinson at EliteDaily wrote a great article highlighting this question.
According to The Washington Post, new estimates compiled by ArcView Market Research and New Frontier Data indicateAmericans spent $5.4 billion on marijuana legally purchased for medicinal or recreational purposes in 2015.
This trumps the $4.9 billion Americans spent last year on Doritos, Cheetos and Funyuns combined.
Even larger, however, is the estimate for the amount of money Americans spend on illegal marijuana.
Drug policy experts estimated the value of legal and illegal marijuana sales to be between $15 billion and $30 billion in 2012.
ArcView also predicted the legal cannabis market will experience a 25 percent growth this year, bringing total sales in the US to $6.7 billion in 2016, TIME reports.
This is a whopping 17 percent increase thanks to over $1 billion spent of medical marijuana in California and the nearly $1 billion that was spent on recreational and medical marijuana in the state of Colorado.
The state of Washington brought in over a billion dollars in 2015, the first full year of selling recreational marijuana legally.
The amount of money is only expected to grow as “edibles” begin to gain popularity and allow shops to capture a higher sales amount per customer.
Even more, legal marijuana sales are expected to steadily increase by 30 percent annually over the next five years according to ArcView.
That $21.8 billion by 2020, more than the NFL pulls in at this time! Talk about some serious cash!