The cannabis industry is heating up. More than half of the 50 states in the U.S. have now legalized marijuana for medicinal or recreational use, and several countries, including Brazil, Canada, Jamaica, Mexico, Paraguay, Portugal, Uruguay and the Netherlands, have also taken steps to legalize or decriminalize cannabis in the last two years. As a result, the cannabis industry has become ripe with new business opportunities. Recent developments in the industry, both locally and globally, have opened doors to tangential industries for companies like SinglePoint, Inc. (SING) (SING Profile), Medicine Man Tech, Inc. (MDCL), Reliq Health Technologies (RQHTF), General Cannabis Corp. (CANN) and Medical Marijuana, Inc. (MJNA).
The legal cannabis industry is arguably the fastest growing industry in the world. According to Cowen & Co., the industry could surpass $50 billion in revenue over the next 10 years thanks to the continuing legalization throughout the United States. With the passing of California’s Proposition 64, it is anticipated that the domino effect of recreational legalization will play out and the size of the industry will roughly triple in the near-term.
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