Views on legalized marijuana have changed substantially over the last few years, and this growing industry has evolved into a professional business. Currently, medical marijuana is legal in 36 states, several territories, and the District of Columbia. The recreational use of cannabis is recognized in 18 states plus the District of Columbia. When many businesses were shut down during the pandemic, dispensaries were allowed to remain open as an essential service.
Morgan Fox, spokesperson for the National Cannabis Industry Association, provides an overview of the industry in the latest edition of Insurance Speak. Fox shares that the global cannabis industry has grown in value to approximately $30 billion in 2021, and approximately two-thirds of those sales take place in the U.S. By 2025, the cannabis industry is expected to be worth $50 billion or more, and these are conservative estimates.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
