Despite not being legalized by Federal Law, the Marijuana industry has shown a massive growth in large parts of the United States of America. In the current financial year, the study shows the Marijuana Industry is growing at a compound rate recorded at more than 14% yearly. In this way, by the year 2025, the industry is expected to make $25 Billion. According to the New Frontier Data, this growth has been seen in legalized Marijuana Industry only.
Although in the US there is still no sign of proper Marijuana Banking Solution, even for the legalized ones, the industry is growing much faster than earlier. As the New Frontier Officials say, this growth is equally seen in both medical and recreational marijuana industry.
In the medical industry, cannabis is considered as Schedule 1 drug. On this basis, The Federal Law is still not ready to give cannabis a chance to become a regular medicine. On the other, medical stores and the general stores are facing issues while making any transactions in the Marijuana industry due to an absence of proper banking channels. Some of the private organizations are currently providing merchant services for cannabis businesses. These services include credit card processing, debit card processing, banking solutions, Gift card, accounts for MMJ dispensaries and such.
Compare to medical marijuana, an annual growth rate in the recreational marijuana industry is high. According to the reports, Recreational Marijuana shows the annual growth rate of 18.4% whereas the Medical Industry shows 11.8% annual growth rate. As per the forecast, in next couple of years, more states will legalize marijuana in medical and recreational industry. By doing so, the states will invite more growth in the industry in coming years.
Unfortunately, most of the states are following Federal law system, hence, they are yet to legalize cannabis in their states. Also, the absence of public banks for transactions in the marijuana industry restricts the growth in many cases. With the help of Marijuana Dispensary Merchant Accounts provided by private companies, some of the dispensaries and stores are avoiding massive cash involvement in this industry. Elsewhere, not having proper banking channel can trigger the inflow of black money in the economy, as it involves huge cash transactions.
The data on Marijuana Industry growth was released during the month of April in 2018 by New Frontier Officials. They have stated that the industry is growing faster as new medicines are discovered every now and then that contains cannabis or marijuana. It is expected that many other leading states will soon legalize cannabis to make a way to more economic growth.