Submitted by ub on Wed, 04/09/2014 - 19:07

The existing marijuana laws on the books in Colorado and in Washington state may evolve into an $8 billion business by the year 2018., according to Marijuana Business Daily, which predicts half of the retail sales will represent recreational use and the other half will for medical use.

This forecast is five-times the increase over figures previously projected. These estimates are based on a US Justice Department hands-off approach, in states where legal use of marijuana is available for recreational, or through medical prescriptions.

Twenty states, along with Washington, DC have taken steps to legalize medical, or recreational marijuana. New York, California and Florida are also considering legalizing medicinal, or its use for recreational purposes. A similar issue in on the ballot in Alaska in August on whether, or not to legalize the use of recreational pot.

Colorado residents who City Island Images spoke with say the sale of marijuana should now be considered the same as the sale and consumption of alcoholic beverages.

Marijuana Business Daily is published by CannaBusiness Media, a division of Anne Holland Ventures Inc.

New Forecast: U.S. MMJ and Recreational Cannabis Sales to Hit $8 Billion by 2018… via @MMJBizDaily