Some say that the marijuana industry has been unstoppable in 2016. Nine states had marijuana initiatives on their ballots this November, and eight of those initiatives passed (Arizona was only state to not pass a marijuana initiative). Of them, four states legalized recreational marijuana and another four legalized medical marijuana.
28 states now have legal medical marijuana and eight states (plus Washington D.C.) have legal recreational marijuana, according to Fox Business.
What four states are most likely the next to legalize recreational marijuana? Arizona looks to get another chance, possibly in 2017, but most likely in 2018. Rhode Island’s governor has already voiced support for legal recreational marijuana, and the state’s government will take up the matter in 2017. Vermont will have to go through its Legislature to legalize recreational marijuana. But the state is progressive with its policies, which is a positive sign for legalizing recreational marijuana. Hawaii could also soon legalize recreational marijuana. Hawaii has had a legal medical marijuana law in place since 2000, meaning that the industry is established, which aids the state in legalizing recreational marijuana.
Investment firm Cowen & Co. estimates that within the next decade the marijuana industry should see average growth of 24% annually. In 2016, the legal marijuana industry is estimated to be worth $6 billion. The industry is fully expected to reach $50 billion within the next 10 years. If the marijuana industry blossoms as projected, or better, it could become as large as a quarter or more of the alcohol industry.