Read below to see why marijuana is getting more popular every year.
4/20 for some is just April 20, but for marijuana users, it's a holiday like St. Patrick’s Day is for drinkers. Major rallies occur across the country as people join together to celebrate the use of marijuana. Due to the rise in legalization, marijuana businesses are leveraging the holiday in order to market and sell their products.
A lot of "green" is being made.
Here are the numbers
As of last year, medical marijuana is now legal in 28 states and Washington D.C. It was estimated last year that if current business and legalization trends continue, the cannabis industry could be worth $44 billion nationally by 2020.
Washington state expects to earn about $730 million in revenue from sales of marijuana over the next two years. More than 60 percent of this revenue is slated to go to health programs such as Medicaid and substance abuse prevention efforts.
4/20 is a serious thing around the world.
$17 million will go to the Liquor and Cannabis Board, and $30 million will be divided between local governments that allow marijuana sales. The remaining money -- roughly $211 million -- will go into the state’s general fund.
Other states, like Colorado, are using their marijuana revenue for education. When Amendment 64 passed in 2012, voters were promised that the first $40 million from the tax on recreational marijuana would go to capital school construction.
The industry can be unpredictable
The feds and some state governments have pushed back against full legalization. Florida's Senate passed a bill on April 18 allowing three new medical marijuana nursery licenses to be issued, but its House has pushed a much more restrictive bill that would ban smoking, vaping, or eating medical marijuana. The drastic difference between the Senate and House bills has medical marijuana supporters worried. The House bill has only one more committee hearing before going to the Senate floor for a vote.
What's the most popular kind of marijuana?
According to a study released by Headset, the most popular marijuana product is still the flower -- the “traditional” marijuana bud -- accounting for 48.7 percent of transactions. Coming in second, at 13.1 percent of transactions, are edible products; this includes brownies, candy and gum. Vapor pens came in at 8.2 percent of transactions. Nontraditional products like concentrates and beverages are slowly on the rise.
The results of federal and state pushback against marijuana legalization will be the determining factor in whether its growth will continue.
(The article was provided by Circa Campus in partnership with GenFKD who has fellows on college campuses around the nation. Circa Campus contributor, Callie Patteson contributed to this article.)