I like to Google search “medical marijuana” just to see what pops up. I try to keep up to date with what’s going on in the industry because I know it’s a trending topic.
But that’s not the only reason. I also know medical marijuana is going to benefit the lives of millions of people. I want to follow that uptrend because it’s going to be a quick and interesting ride.
I was surprised at the search results this time. Normally the first thing that comes up is a list of recent news stories.
Today, instead of news stories, I was given a list of locations of the closest clinics that are supplying medical marijuana.
What surprises me about this is how quickly marijuana is spreading throughout the U.S.
It doesn’t seem that long ago that I’d ask people if they thought marijuana would ever be legal, and they’d tell me no.
Honestly, I didn’t think the day would come when marijuana would stop receiving so much scrutiny for being a “gateway drug.” At least not for a really long time.
But here we are…
Public Opinion on Marijuana is Changing
The opinion on marijuana has shifted. It’s being seen less and less as a drug that needs to be locked up.
As of January 2018, there are 30 states including the District of Columbia that have laws that legalize marijuana in some form. Eight states and the District of Columbia have laws legalizing marijuana for recreational use.
Some states have even decriminalized the possession of small amounts of marijuana.
As a society, we’re realizing marijuana could be the solution to a variety of medical issues, while also providing a boost to our economy.
Medical marijuana is on the path to being a beneficial drug for a lot of people who suffer every single day.
The breakthrough that is medical marijuana is spreading throughout the nation, and for good reason.
Dispensaries Are Coming to a Town Near You
Dispensaries are opening up all over the country.
Over this past weekend, two new dispensaries opened up in Pennsylvania. Patients with one of 17 serious medical conditions will be able to purchase medicinal marijuana in Chester and Bucks Counties.
Jeanne DaSilva, a medical marijuana patient, told her local news, “I have multiple sclerosis. Okay, I’m in chronic pain and I have glaucoma.”
She went on to say, “My neurologist said I have neuropathy and he thinks this will help me up to 50% so I’m almost in tears I can’t wait to see what it does.”
Medical marijuana is helping people who would otherwise have to deal with their disease for the rest of their lives.
Now they don’t have to “deal” with it, but will instead be able to enjoy their lives.
There are a total of 12 companies that will be able to grow and process medical marijuana in Pennsylvania. Those 12 will become 25 in the very near future.
Right now, there are eight dispensaries that have been approved, and 10 growers have already begun operations to supply marijuana to the dispensaries.
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There are 16,600 patients that have registered to receive medical marijuana cards. 3,800 of those patients were certified by a physician.
As of right now in Pennsylvania, there are a total of 57,670 active physicians statewide, and only 701 of those have registered to be certified to prescribe medical marijuana. Out of those, 355 have completed their training to become certified practitioners.
This is a very low number, especially if you take into consideration the rate at which this industry is growing.
Governor Tom Wolf said:
Each week, we are making great strides in expanding our network where patients will be able to get medical marijuana.
The approval of two more dispensaries is another positive step forward. Work continues to move patients one step closer to having medical marijuana as a tool to help with their medical condition.
Increasing the number of dispensaries will greatly benefit the economy.
Marijuana Business Daily estimates that Pennsylvania’s dispensary sales could exceed $100 million annually a few years after the program launches.
Pennsylvania will now be able to provide a service that supports the health of its residents, while also creating a federal and state stream of taxable income that’ll be hard to compare to, at least in regards to other current commodities.
Sure, it’s going to take some money and effort to launch this industry. But that’s okay. The marijuana industry’s future is going to flourish… big time.
And other industries will also benefit from marijuana’s success.
The Real Estate Industry is Feeling the Boom, Too
This industry has real estate booming. As more growers and dispensaries receive approval, they’ll need a place for their businesses.
Michigan has been experiencing an increase of interest in its commercial property since the state passed Public Act 281 in 2016.
A local attorney, Devin Loker, agrees that medical marijuana is creating an economic boom for Michigan. He said:
As soon as we got a medical market… you could see that this was going to be an industry in its own right, revenue wise. And just the patient population, we’ve got 300,000 patients in the state and the second-largest in the country.
Loker is offering his legal guidance to ensure that businesses are buying property in compliance with medical marijuana laws.
Businesses are trying to snag property before it’s too late.
Pennsylvania and Michigan are just a few examples of the growing success of marijuana on a state level, not to mention the obvious effects it will have on our overall economy.
We could very well start to see an even quicker expansion of this brand new industry throughout the U.S. as more growers and dispensaries establish themselves.
There’s no better time than right now to prepare yourself for the investing opportunities that medical marijuana will bring.
To learn about one company that’s making early waves in the industry, click here.
Until next time, Monica Savaglia Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.
