Eight states now allow recreational use of marijuana, while more than half of states have legalized it for medicinal purposes. Twenty-one states have decriminalized the drug. A recent poll Quinnipiac Poll found 71 percent of voters believe the government should not enforce federal drug laws in states where pot is legal.
Growing acceptance has led to an explosion in the market for marijuana in North America, with sales skyrocketing 34 percent to nearly $7 billion in 2016, according to Arcview Market Research. By 2021, the industry is expected to reach close to $22 billion.
Companies like Dixie Brands are fueling that growth. The privately held company would not provide current figures, but it raised $8 million in 2014 and was valued at $40 million.
Smith said he expects Dixie Brands to double its revenue and its workforce over the next year. It sells products under three brands: Dixie Elixirs spans beverages, breath mints and chocolates. ACESO manufactures product with hemp and cannabinoids for the international market, while Therabis is a line of cannabis-derived pet supplements.
“It’s hard for us to kind of go backwards,” Smith said. “President Trump said he was going to allow this to be a state’s rights issue. … We took him at his word.”
