NEW YORK: Arcview Market Research reports that consumer spending on legal cannabis in North America is outpacing previous estimates. The report indicates that retail cannabis sales will grow 33% from 2016 to nearly $10 billion this year.
By 2021 the legal market is expected to reach $24.5 billion, at a 28% compound annual growth rate (CAGR). Arcview also reported that according to BDS Analytics’ GreenEdge point-of-sale tracking service, the medical market in California is already as big as the total markets in Colorado, Washington, and Oregon combined.
Tom Adams, Editor-in-Chief at Arcview Market Research and Principal Analyst at BDS Analytics explained, “Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe… The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-Use markets are the primary drivers of the growth this year. That’s nothing compared to what we can expect in 2018 and beyond from Nevada’s tourism, and California and Canada planning to launch Adult-Use sales in 2018.”