Regulated marijuana sales are growing rapidly in participating states, but with federal legalization still a slow-turning wheel, it could take decades for the industry to fully mature on a national level. According to data provided by Chris Walsh, analyst and editorial director of Marijuana Business Daily, sales of recreational marijuana are expected to increase by 30% this year – reaching $5.1 billion to $6.1 billion.
Certain markets have become crowded and competitive, making it tougher for businesses to turn a profit. The industry is still relatively young, however. Walsh said one of the big questions is what the industry structure is going to look like. States are individually trying to carve out a framework of regulations and industry standards. While federal legalization would be a win, Walsh said the reality is it would be difficult for businesses operating today to contend with new federal regulations. While there’s concern around the uncertainty at the federal level, the sentiment is that it will continue to grow.
What Marijuana Legalization Would Mean for U.S.
With public support constantly growing and more and more states jumping into the marijuana market with each passing year, it seems that legalization is just a matter of time. If that were to happen, according to Forbes magazine, legal marijuana sales would top annual ice cream sales and movie ticket sales. That’s good news for the industry, but what would legalization mean for the public?
It may not end up being good news for people who want to grow their own marijuana at home. In New Jersey, though medical marijuana is legal, growing any amount of weed in your home is considered a felony offense. Current legislation in New Jersey for legalization of recreational marijuana (S3195), also would not allow people to grow their own pot at home if it is passed. Even in Colorado, the first state in the nation to legalize recreational use, there are limitations on how much a person can legally grow in his or her own home.
One group of people who would be winners if cannabis were legalized in New Jersey are people who are in jail for marijuana and those who have a criminal record related to minor possession of the drug. Possession of under 50 grams of pot would be decriminalized, and people with previous convictions would be able to have their records expunged.
Frank T. Luciano Understands NJ Marijuana Laws
If you’re confused about legalization of marijuana in New Jersey and where it stands, NJ criminal defense attorney Frank T. Luciano is a legal expert who knows all there is to know about the subject. He publishes expert content about the industry on a regular basis and is an advocate for the drug’s legalization.
In addition, if you’ve been caught on the wrong side of the law involving marijuana or any other drug, Frank T. Luciano can help you avoid jail time and limit fines. He has defended countless clients throughout Hackensack, Paterson and Jersey City, NJ for over 40 years and can represent you in court or guide your expungement. Learn more by contacting Mr. Luciano today at 973-471-0004.