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Medical Marijuana on par with Viagra in terms of $

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Medical Marijuana on par with Viagra in terms of $

Postby Charles » Thu Mar 24, 2011 9:54 am

MedicinalMarijuana.jpg

It's turning out to be as profitable a drug as Viagra as more and more doctors are turning to medicinal marijuana as their choice of a prescription drug.

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Medical marijuana becoming blockbuster drug

Annual sales near $2 billion and rising in states with tolerant laws

There is a noticeable aroma wafting around the medical marijuana industry. It’s the smell of money — with a strong hint of entrepreneurial opportunity.

Medical marijuana is now a $1.7 billion market, according to a report released Wednesday by See Change Strategy, an independent financial analysis firm that specializes in new and unique markets. The figure represents estimated sales of marijuana through dispensaries in states with medical marijuana laws. It is the first time a definitive dollar figure has been given to the emerging medical cannabis industry.

To put that number in perspective, sales of medical marijuana rival annual revenue generated by Viagra, a $1.9 billion business for Pfizer.

The rising sales are generating growing interest from entrepreneurs and even some venture capitalists as the medical marijuana market is expected to nearly double in the next five years just in the 15 states where the drug has some protection under the law. If another 20 states pass medical marijuana laws — as the study projects is possible — the market could grow to $8.9 billion in 2016.

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