Marijuana Legalization Doesn't Mean You Can Grown Your Own; Cannabis Sales Could Quadruple by 2020

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Feb 15, 2016 04:32 AM EST

Many are hoping that the use of marijuana will soon be legalized in most states. While some are still hesitant to pursue it, a new study suggests that the sales of cannabis will grow four times, four years from now.

According to The Montley Fool, the expansion of legalizing marijuana at the state level has been incredible since 1996. California started the trend of allowing the prescription of medical cannabis and 22 additional states followed, including Washington, D.C.

Per the report, it is not just the medical marijuana that is growing. Recreational marijuana has also been approved by voters in four states since 2012. These states include Washington, Colorado, Oregon and Alaska. Many believe that this will even grow during the November 2016 election.

Nevada has already gathered enough signatures to get a recreational initiative on its ballot. In addition, California, Ohio and half-dozen more states are likely looking forward to legalizing marijuana this November.

If the legalization of marijuana will be granted, its sales could soar high.

ArcView reported that marijuana sales grew by 17 percent in 2015, from $4.6 billion in 2014 to $5.4 billion in 2015. This year, the projected sales growth is 25 percent.

However, with the continued state-level legalization efforts, the sales growth might take a 30 percent rate annually. The projected legal sale by 2020 is $22 billion, which is quadruple the amount sold in 2015.

The expansive growth springs from the polling numbers from the public National pollster Gallup in October, which shows that 58 percent of Americans support the use of legal marijuana. A decade ago, only 36 percent were in favor and, in the mid-1990s, only 25 percent. Indeed, there is a growing support for marijuana legalization.

However, in case marijuana will be legalized, this does not mean that residents will be allowed to grow cannabis in their backyard, Civilized reported.

Among the reason for this is doing so will make it more accessible to minors. The Canadian Police Association noted that home growing should be highly regulated and limited to medical marijuana patients only.

Another potential reason home-growing marijuana might not be allowed is its lack of support to the regulated market. Jim Gerhardt, vice president of the Colorado Drug Investigators Association, announced that letting people grow marijuana at home could undercut the regulated market.

"Home growers can produce a lot of marijuana and they can certainly sell it for less than the [licensed] dispensaries," Gerhardt said.

Do you support marijuana legalization? Do you agree that home growing marijuana should be regulated? Share your thoughts in the comment section below.

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