by James Garrett Baldwin | Investopedia
Marijuana prohibition has lasted 78 years in the United States, although public opinion has changed dramatically over the last few decades in favor of legalization.
In 1969, just 12% of Americans supported legalization. Today, that figure is significantly higher, as evidenced by state ballots around the country that have embraced marijuana for recreational and medicinal purposes. Should public sentiment continue to rise and states be left to their discretion, the marijuana industry is poised for immense growth.
Private equity, angel investors, and hedge funds have taken significant positions on this sector. For ambitious investors, now is the time to take a long position in marijuana. The cannabis industry had a market capitalization of more than $3 billion in April 2015, according to Bloomberg. Moreover, marijuana market research firm New Frontier Financials projects the marijuana industry will quintuple to $15.2 billion by 2020. Arc View Market Research projects that the industry could reach $35 billion in the same period.
