NEW YORK: Sales of legal cannabis products are projected to top $20.2 billion by 2021 in North American alone at a compound annual growth rate of 25%, according to a report by Arcview Market Research.
“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’s editor-in-chief, Tom Adams stated,
The report points out how economically beneficial retail cannabis sales were in states that legalized the products for medical and recreational use. “Sales taxes in state-sanctioned cannabis markets totaled more than $500 million in 2016 in Colorado, Washington, and Oregon alone, and $836 million since adult-use sales began in 2014. Nearly 1.9 million North Americans are legally using cannabis to manage conditions as severe as polymorphic seizures and as common as chronic pain, while millions more are consuming it legally in adult-use states with little or no negative impact,” according to the report.