For the marijuana industry, 2016 was a successful year by any standards, reaching an estimated $7 billionin transactions and bringing the total number of states to legalize marijuana for medical and/or recreational purposes to 28. However, deemed America’s fastest growing industry in recent years, the market still has some major obstacles to overcome in 2017, such as gaining access to legal banking services, obtaining federal drug reclassification, and more. Removing marijuana from the federal list of Schedule I drugs would be a major step forward for the industry, with massive implications and benefits trickling through to reach cannabis-related product manufacturers and distributors and ancillary service providers such as Cannabis Sativa, Inc. (OTCQB: CBDS), Cannabis Science, Inc. (OTC: CBIS), Eco Science Solutions, Inc. (OTC: ESSI), Medical Marijuana, Inc. (OTC: MJNA), and SinglePoint, Inc. (OTC: SING)
According to Cannabiz Media research firm, the industry headed into 2017 with over 4,300 cultivators, more than 2,500 producers, 3,300 dispensaries and almost 4,000 retailers nationwide. The numbers are expected to grow significantly in light of the recent vote by eight more states to legalize medical or recreational marijuana use. Driven by this impressive growth, the industry will look to make a bigger impact this year, primarily by gaining federal acceptance. The industry is already lobbying in favor of removing marijuana from the list of Schedule I drugs, where it is currently listed alongside heroin, ecstasy and LSD. It may take as long as four to eight years to gain federal acceptance, experts say, but the tide is in favor of the industry and, ultimately, the administration will likely adhere to the wishes of the American majority.
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