CALIFORNIA: Arcview Market Research, in partnership with New Frontier Data, have released a special election update to the official Arcview Market Research growth projections in light of victories from 8 of the 9 marijuana ballot initiatives. The passage of initiatives in California, Nevada, Massachusetts, Maine, Florida, Arkansas, Montana, and North Dakota will add $7.4 billion to the 2020 market forecast bringing the overall market projection for legal adult-use and medical sales in the U.S. to $21.2 billion by 2020. That brings the compound annual growth rate (CAGR) to 28%.
“There is nothing more powerful than an idea whose time has come. This is marijuana’s moment,” said Arcview Group CEO, Troy Dayton. “Even without these initiatives passing, the legal marijuana market was poised for remarkable growth. Now, with these legalization victories, growth will be off the charts. You will not find another multi-billion dollar industry growing at this rate that isn’t already attracting huge multi-national companies and institutional investors. It’s truly a historic opportunity for pioneering investors and entrepreneurs to take a run at a huge market without needing to compete with the really big dogs…yet.”
“Recent polls have shown 60 percent of the public supports adult use legalization. Nine in ten support the legalization of medical use. The ten initiatives on the ballot reflect the accelerating public debated on legal cannabis access. The passage of these measures shows that public support on this issue is not solely confined to urban, liberal markets but extends into conservative rural states as well,” said Giadha DeCarcer, Founder and CEO of New Frontier.
Below are the 2020 Arcview Market Research projections for various state markets that passed initiatives (presuming new markets are operational by 2018):
California: Medical — $3.3B, Adult Use — $4.3B, Total Market = $7.6B
Maine: Medical — $129M, Adult Use — $196M, Total Market = $325M
Massachusetts: Medical — $301M, Adult Use — $771M, Total Market = $1.1B
Nevada: Medical — $193M, Adult Use — $429M, Total Market = $622M
Arkansas: Total Medical Market = $6.4M
Florida: Total Medical Market = $1.6B
Montana: Total Medical Market = $128M
North Dakota: $2.3M
For a deep dive into the market dynamics in each state and trends driving this market please download a copy of the 4th edition of the State of Legal Marijuana Markets. The report is downloadable at www.ArcviewMarketResearch.com and www.frontierfinancials.com.