NEW YORK: The legal cannabis market was valued an estimated $6.6 billion in 2016 and is expected to reach more than $24 billion by 2025, at a compound annual growth rate of 16 percent during the forecast years According to a report from New Frontier Data.
Accelerating pace of legalization for both medical and recreational cannabis in the U.S. is the main factor that drives the growth of the market. On January 1st, recreational cannabis products have become legal in California, the world’s sixth-largest economy. New Frontier data projected legal cannabis sales in California to reach $2.8 billion in 2017 and $6.6 billion by 2025.
Data also shows that support for cannabis legalization continues to rise. According to Gallup’s latest poll in October, 64 percent of Americans support for legalizing cannabis, the highest level in nearly a half-century. The survey is based on a random sample of 1,028 adults, aged 18 and older. According to another poll from NBC News and The Wall Street Journal, 60 percent of respondents now supported legalizing cannabis for personal use, up from 55 percent in 2014.