2017 Legal Cannabis Market Developments

Legal cannabis hit $6.4B in 2017

NEW YORK: The future of the legal cannabis market depends on a variety of factors. Politically, some have expressed concerns regarding the incoming elected administration, others feel more optimistic after nine states have voted this election cycle. The results overwhelmingly came in favor of legalization of cannabis for medical and recreational use. Economically, the industry has shown tremendous growth year to year. According to a research published on January 3rd 2017 by ArcView Group, the legal cannabis sales in the U.S. last year reached $6.7 billion, a growth of 30 percent from 2015. Sales are projected to increase to $20.2 billion by the year 2021 representing a 25 percent compound annual growth rate.

In an interview to Forbes, Arcview‘s editor-in-chief Tom Adams said that, “the only consumer industry categories I’ve seen reach $5 billion in annual spending and then post anything like 25% compound annual growth in the next five years are cable television (19%) in the 1990′s and the broadband internet (29%) in the 2000′s.” ArcView Chief Executive Officer Troy Dayton added, “One of the biggest stories was the alternative forms of ingestion… Concentrates and edibles are becoming customer favorites versus traditional smoking.”

Read full article @ PR Newswire

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