CLEVELAND, April 20, 2017 /PRNewswire/ -- Sales of recreational marijuana are expected to surge this 4/20 in Washington DC and the eight states where it is legal. But the industry's growth outside of the unofficial holiday is not mere puffery.
This is according to analyst Katherine Brink, in her blog titled Blazing Growth in the Marijuana Industry Drives Revenues for Niche Security Providers.
The blog states, "The legal marijuana industry is expanding rapidly, generating $7.2 billion in revenue in 2016 by some estimates and creating a plethora of jobs in the states that have approved its sale for medicinal and/or recreational use. These jobs are not limited to only the store employees and cannabis growers -- the industry encompasses many other related, but perhaps less visible business opportunities, including security."
"The marijuana industry has numerous unique security concerns, in large part because the product is a Schedule 1 federally controlled substance. As a result, pot shops require a wide variety of security services," commented Brink.
Armed guards are perhaps the most prominent type of security service utilized by pot shops and growers, utilized as a physical deterrent to potential criminals. Veterans of the Armed Forces looking to readjust to civilian life often staff these positions.
More information about the private security services market is in the new Freedonia Group industry study, Private Security Services in the US, 15th Edition, written by Ms. Brink. The study forecasts the overall revenues for private security services to increase 3.2% annually through 2021 to $70 billion. Many of these services benefit from the fact that they are seen as an essential expense, particularly in nonresidential end uses where the risk of losses is high.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Security studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group