Medical Marijuana Industry Booming

April 18th, 2011

With 15 states as well as the District of Columbia deeming it legal, medical marijuana has become a rising profitable industry in the United States. Medical marijuana has been shown to assist in alleviating chronic pain and hurtful symptoms of diseases such as AIDS or cancer, and patients in those fifteen states are now able to garner a prescription to medical marijuana. All that is necessary for this is a doctor’s approval. Since the movement began in 1996 in California, over 25 million Americans are now able to buy marijuana due to their medical eligibility.

Medical marijuana profits are expected to be $1.7 billion this year alone. Arizona, New Jersey, and Rhode Island are launching new programs as well, and the profit margin is only expected to rise. Numerous organizations are being founded to capitalize on this new market. A San Francisco-based company, the ArcView Group, was recently created to become the first investment network to join entrepreneurs on cannabis to investors with seed money.

“It doesn’t take a rocket scientist to realize that this industry is growing and that there are untold riches to be made here,” Troy Dayton, chief executive of the ArcView Group said.

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Brandon Yu, Senior Managing Editor