Marijuana is a new and thriving industry that is in its earliest stages.
Meanwhile, ready to eat cereals continue to decline and are no longer the titans of the food industry they once were.
Accounting for changes in legal status around the country and growing social acceptance, legal marijuana is expected to outsell cereal by 2019.
Bloomberg's Ken Shea points out legal marijuana sales in the US to surpass ready-to-eat breakfast cereal in 2019 ($11.6B vs. $9.3B) #funfact
— Shelly Banjo (@sbanjo) March 7, 2017
Cereal has hit a slump in recent years, and experts apparently aren’t expecting a miraculous comeback anytime soon.
In 2016 alone, the industry saw a decline of 2 percent in overall sales, a trend that is expected to continue in the future. Meanwhile, legal marijuana sales are predicted to increase by 29 percent annually until 2020.
It comes as no surprise to those who were championing marijuana as a viable way to jumpstart a sagging economy.
Gallup reports that an estimated 19 percent of people aged 18-29 currently smoke marijuana. As the industry continues to grow and marijuana is legalized throughout the country, the stigma of consuming a banned controlled substance can be overcome and a rise in those numbers can be expected.
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