For a drug that’s illegal at the federal level, cannabis sure has built a strong brand for itself. Nearly half of all Americans polled by Gallup said they’ve tried cannabis. That’s up from 38% in 2013. One wonders if the uptake is more attributable to changing attitudes towards something Americans declared war on in the 1970s. Even Bill Clinton said he “tried” cannabis, but nobody wants to say they “smoke” cannabis. Saying you tried drugs once makes you edgy, but saying you do them regularly makes you a junkie. Perhaps that’s why only 12% of Americans admit to smoking cannabis, up from 7% in 2013.
Credit: Gallup
Did that many people suddenly decide to start smoking cannabis recreationally in the past nine years? Hardly seems likely. People have always smoked cannabis; they’re only recently feeling more comfortable admitting it. If you’re someone who has established the slightest semblance of a career, what’s the upside to admitting that you smoke cannabis? There’s only downside, and the taboos surrounding cannabis are stronger than ever.
With an estimated $100 billion black market in the United States, legalization promises to bring with it a large total addressable market (TAM) opportunity that multi-state-operators (MSOs) are scrambling to capture. The six biggest MSOs by market cap are collectively worth around $20 billion and g
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