NEW YORK: Medical cannabis sales are forecast to grow to $5.3 billion in 2017 and accounting for 67% of total cannabis sales, according to a new research report published by New Frontier Data. By 2025, medical sales in currently legal states are forecast to grow to $13.2 billion, at which point medical sales will account for 55% of all sales. Comparatively, adult-use sales in 2017 are forecast to reach $2.6 billion and rising to $10.9 billion by 2025.
The report also indicates that in 2016 alone, adult-use consumers shopped once every 14 days and spent $49 per transaction. Medical consumers, by contrast, shop once every 10 days and outspend the adult-use customer by more than three-to-one or spending $136 per transaction.
“Cannabis stocks significantly outperformed major indexes in 2016, fueled by speculative investment based on anticipated expansion of new legal markets. In the run up to the election, stocks increased by 207.8% and continued to rise, even with an uncertain future under the new administration. While recent comments by the Trump administration did have an initial dampening effect on the market, we have seen continued growth relative to Q4 2016 whereby cannabis stocks are still outperforming other sectors,” said Giadha Aguirre De Carcer, CEO of New Frontier Data.