Despite being surrounded in controversy, the U.S. cannabis industry is experiencing rapid growth. Experts estimate legal cannabis will grow from $7.3 billion to $24.5 billion between 2016 and 2020. Currently, 65 percent of cannabis sales stem from medical marijuana, which is legalized to various degrees in 29 states with legislation pending in 15 more, according to the “Here to Stay or Up in Smoke? A Look at the U.S. Cannabis Market” white paper from PMMI, The Association for Packaging and Processing Technologies.
With a product that is quasi-legal, the industry faces many uncertainties regarding its future direction. But, the upside of this growing business seems to be worth the risk, and many cannabis producers are rising to the task of balancing strict regulations, rising consumer demand and shifting market landscapes.