Marijuana and $$$$$$

First I got mad. That picture above is kind of what my mind looked like. Then I wrote this post.

So you’re seeing marijuana stores in your state these days? Ever wonder why? It probably has a lot to do with how much money was spent in your state to get laws passed that benefit that industry.

Check out this graph from opensecrets.com:

In 2019, just over $6 million was spent on lobbying efforts on behalf of marijuana. That’s not PROMOTION, MARKETING or PR. Just LOBBYING. In 2020, it was more than $4 million and 2021 isn’t done yet.

That’s not the only interesting datum here. Check this out.

In 2019, there were 95 lobbyists working on behalf of marijuana. Seventy-four percent of them were former government employees.

In 2020, there were 80 lobbyists and 71% were former government employees.

Why is it worthwhile to throw this much money at marijuana legalization?

The industry itself estimates that legal marijuana sales will reach $22 billion by next year. In 2019, they calculated the industry was worth $15 million so there’s been some expansion.

IT’S A GROWTH INDUSTRY! INVESTORS SMELL THE POTENTIAL PROFITS AND ARE JUMPING ON BOARD.

See these happy faces? These are some of the folks jumping on board. For real. This image is from the Arcview Group website. That’s a company that helps folks find and develop cannabis investments. Think $$$. And then think more $$$$$.

What Could Be Worse Than That?

How about the unpredictable, often long-lasting effects of psychedelics? Arcview also offers this learning opportunity.

Investing in psychedelics

Arcview tells us “The growth of the psychedelic industry is usually compared to how medical cannabis burst onto the scene, but things appear to be moving with even more urgency for psychedelics. The FDA recently labeled Psilocybin therapy as a “breakthrough therapy,” and the Veteran’s Administration has approved the use of psychedelic medicine for soldiers to treat their PTSD.”

I’m going to do some research on how much is being spent on marketing cannabis products but I will leave that for another day. Right now, I have to get onto some writing that pays the bills. I just wanted to share a few thoughts with you. Thanks for listening.

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