The marijuana market as a whole is a lot like the Grand Canyon – it looks fantastic up close, but from a distance, it's absolutely breathtaking.
Last year, total marijuana sales – legal and black market – in the United States topped $86 billion. In 2018, all across the country, nearly 49 million people spent an average of $1,755 each on marijuana.
The thing is, some $68 billion of that was from totally illegal black market sales.
But that still leaves us with around $18 billion in legal transactions. For comparison, that's about the size of the U.S. urgent care healthcare segment in 2018.
So the "$68 billion question," as it were, is how quickly that "legal gap" will close and start putting mega-profits in pot stock investors' pockets.
The short answer: much faster than anyone out there is predicting. Bringing illicit sales into the legal "light" doesn't require convincing new customers to try something new; no new consumption habits need to be formed.
It's a well-established market, full of folks just waiting to fork over their money.