CALIFORNIA: The U.S. medical cannabis market was valued at USD 5.44 billion in 2016 and is expected to be valued at USD 19.48 billion by 2024, According to a report by Hexa Research.
The expected growth is driven by the growing acceptance of medical advantages associated with cannabis, particularly for patients dealing with cancer, diabetes and chronic pain. Symptoms and conditions that may be treated by cannabis include, cancer, HIV, AIDS, Alzheimer’s disease, and multiple sclerosis. Chronic pain accounted for 46 percent of the U.S. cannabis medical market share in 2016.
According to the research, the solid cannabis edibles segment in 2016, within the U.S. market generated $2.47 billion in revenue and is expected to continue to dominate the cannabis industry to 2024.
California’s new recreational cannabis laws went into effect on January 1st, 2018. A report by Fortune indicates that, “In order to collect $1 billion a year in taxes, the state will need to reach a projected $7 billion in annual legal recreational cannabis sales. At that rate, California would easily be the country’s largest legal marijuana market, as the entire legal cannabis industry in the U.S. is expected to pull in roughly $10 billion in total sales for 2017. That number would almost certainly get a boost in the coming years, as legal markets grow in California and other states, such as Nevada and Massachusetts.”