Industry experts: The cannabis industry can be bigger than the NFL in a few years
As the legal cannabis industry continues to rapidly rise from its 95-year prohibition, more and more people are asking: Can the plant be bigger than the world’s most popular sport?
At first glance, it seems like a silly and out-of-this-world comparison. Cannabis is a plant, and the National Football League (NFL) is America’s favorite sport. Or at least, it was.
According to an article by Forbes, the U.S.’ number one sport has never been less popular than in recent times. Of course, the super league still attracts millions of viewers, yet according to a recent survey, only 35 percent of the respondents have a favorable view of the NFL, a 22 percent drop from its 57 percent just last August.
Why is this happening? For former Vikings linebacker Ben Leber, it’s because “the NFL’s gotten greedy.” Although for others, it’s because of the damage caused by the National Anthem protests. No matter how split the public opinion is, one thing is confirmed: the NFL is clearly losing a bit of steam.
Going back to cannabis and answer the question, yes, cannabis can be bigger than the NFL. In fact, many industry experts are predicting that the profits for the plant can exceed the NFL’s multibillion-dollar revenue by 2020. And these predictions didn’t just come out from thin air. A new wave of awareness washed over the populace, propelling cannabis companies into the surface. One such company, PotNetwork Holdings, Inc. (OTCMKTS:POTN), is at the forefront.
Operating as a holding company for its subsidiaries, POTN is solely focused on the research, development and multi-national distribution of premium hemp extracts. Thanks to its wholly owned subsidiary, Diamond CBD, POTN has managed to consistently top its performance from the previous year, solidifying itself as one of the leading giants in the legal cannabis industry.
Currently, Diamond CBD has managed to cement itself as the leading manufacturer of CBD products in the U.S., even expanding into supplements and CBD for pets with its Meds Biotech and MediPets product lines. Last June, it was also reported that revenues of the subsidiary surpassed the $2 million mark. As a result, POTN is one of the most successful players in the field, managing to curate a strong business foundation for a ripe industry.
And although companies like POTN spearheaded the change, they are not the only reason. First of all, cannabis is a plant that was outlawed for almost a century due to misguided policies and propaganda. Second, cannabis has been known for its wide array of therapeutic and medicinal benefits, most especially CBD, which is now legal in over 30 states. And last but not the least, its prohibition didn’t stop people from using it. So one can only imagine how big an industry it will become if said prohibition is eventually fully lifted.
Moreover, millennials have also become more interested in investing in marijuana stock. According to Markets Insider, there has been a 72 percent year-over-year increase in the investment accounts that have been opened by the said demographic. Considering that millennials make up most of the current workforce, this marks a significant shift for the industry.
The cannabis industry is clearly on the brink of something big, what with companies like POTN laying the foundation for what will be a big international market. Almost a century after initially getting outlawed, it seems that the plant is making up for lost time, finally getting the chance to show its true potential and perhaps eclipsing the NFL in the future.