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Once considered a fringe, high-risk market, the cannabis industry has made considerable strides toward legitimacy and more mainstream acceptance in the last decade.
To date, 36 states across the country have legalized medical cannabis and, of those states, 18 extended that legalization to recreational. It’s estimated that 71% of Americans now live where medical use is legal, and 46% live somewhere where recreational use is permitted.
Even though the government has been slow to loosen federal restrictions on the plant, that overwhelming acceptance at the state and local level coupled with the cannabis market’s massive growth potential — the estimated compound annual growth rate stands at 26.5% over the next few years — has led to a surge in interest and support from investors and businesses.
With all this action going on, who are the ones eager to claim their piece of such explosive growth? Here are some of the latest developments in the private sector that …