MASSACHUSETTS: Arcview Market Research, in partnership with New Frontier Data, has released its Massachusetts Legal Cannabis Market State Profile, which shows the potential growth of the legal marijuana market after Massachusetts voters legalized adult-use on Election Night 2016. The official Arcview Market Research projection for the Massachusetts market is that it will grow to over $1 billion by 2020 at a compound annual growth rate of 113%.
“Unlike other places where cannabis is legal, Boston is within driving distance of many of the most populous places in America. This will make Boston the cannabis capital of the world in short order. This cannabis tourism will drive significant revenue, tax dollars, and job growth which will make legalization very attractive to neighboring states,” said Troy Dayton, CEO of The Arcview Group.
“As one of only two states on the East Coast to legalize cannabis for adult use, Massachusetts represents a significant opportunity for business owners and entrepreneurs in the space. The law does not limit product forms nor does it cap retail dispensary licenses, which are both factors that will positively contribute toward the billion dollars in sales projected by 2020,” said New Frontier Data Founder & CEO, Giadha Aguirre DeCarcer.
Over the next four years, the legal cannabis market in Massachusetts is forecast to grow from $52.0 million in 2016 solely from medical use sales, to an estimated $1.07 billion in 2020 with medical and adult use sales combined. The full regulatory structure and key program details of the adult use market remain to be determined, and the market could take a few different directions depending on the actions of the Massachusetts Cannabis Control Commission and local municipalities across the state. However, the broad parameters of the law create an opportunity for an open and expansive market.
Key trends that will be critical in shaping the growth and evolution of Massachusetts’ market covered in the report are:
- Interplay between the medical and adult use markets
- Competition from bordering states with legal medical and adult use programs
- Regional, national, and international tourism demand
- Physician participation and its impact on medical program growth
If you would like more information on Massachusetts’ legal cannabis markets, you can download the 2016 Massachusetts Legal Cannabis Market State Profile at www.ArcviewMarketResearch.com and the report can be ordered for $249.