Legal Marijuana Market Worth $146.4 Billion By 2025

CALIFORNIA: The global legal marijuana market is expected to reach USD 146.4 billion by end of 2025, according to a new report by Grand View Research, Inc. Growing adoption of marijuana in several medical applications such as cancer, mental disorders, chronic pain and others is expected to propel revenue growth in near future.

Legal marijuana has started gaining traction worldwide due to very high demand among consumers and increasing legalization of recreational or medical marijuana in various countries. Additionally, high public and private investment for research and the development of safer forms of ingesting marijuana such as tinctures, oils, vapes and other edibles are expected to positively reinforce market growth. The number of conditions treated using medical marijuana is growing rapidly, as new patients are added to the market, the demand for medical marijuana is expected to increase multiple folds over the forecast period. Countries like Canada and the U.S. are moving towards legalization of marijuana for recreational purposes, this in turn is expected to create a shift form medical to recreational marijuana. Lengthy purchase and approval process for medical marijuana prescription and ease of availability of recreational marijuana is expected to trigger this this change.

Increasing number of companies operating in the marijuana market is expected to bolster the quantity and variety of products reaching the end users. Products like marijuana oil have started gaining traction over the past few years owing to increased effectiveness and safety as compared to smoking it. Also, the growing research in cannabis industry has led to introduction of new marijuana strains. These advances in new product development is expected to enhance product adoption among consumers. Legal marijuana market is witnessing strong technological and information exchange. Countries like Canada, the U.S., Germany and Australia are expected to emerge as leading markets in terms of sale, whereas, countries like Israel are focusing on research and technology development and are leveraging on knowledge transfer.

Key Findings From the Report:

    • The U.S. legal marijuana market size was estimated at USD 7.06 billion in 2016 and is expected to grow at a CAGR of 24.9% from 2017 to 2025
    • Medical marijuana emerged as the largest marijuana type segment in 2016 and is estimated to be valued at USD 100.03 billion by 2025
    • By product type, marijuana buds segment was estimated to be dominant in 2016 with revenue share of 62.9% and is estimated to be valued at USD 82.9 billion by end of 2025
    • Some players operating in legal marijuana market are Canopy Growth Corporation, Aphria, Inc., Aurora Cannabis, Maricann Group, Inc., Tilray, The Cronos Group, Organigram Holdings, Inc, ABcann Medicinals, Inc., and Tikun Olam

Browse full research report with TOC on “Legal Marijuana Market Size, Share & Trends Analysis Report By Type (Medical, Recreational), By Product Type, By Medical Application (Chronic Pain, Mental Disorders, Cancer), And Segment Forecasts, 2018 – 2025” at: https://www.grandviewresearch.com/industry-analysis/legal-marijuana-market

Washington: Cannabis Sales Exceed $1.1 Billion In 2017

WASHINGTON:  Retail marijuana sales in Washington state exceeded one billion dollars during the first nine months of 2017, according to data compiled by the State Liquor and Cannabis Board.

Retail sales now stand at record highs, with monthly sales exceeding $130 million – up from $106 million in February. Overall, year-to-date marijuana sales in Washington are $1,101,853,539.

In Colorado, retail cannabis sales exceeded $1 billion during the first eight months of 2017.

In Nevada, adult use retailers have sold an estimated $60 million worth of marijuana products in just the first two months of the program’s existence.


For more information, contact Justin Strekal, NORML Political Director, at (202) 483-5500.

Oregon Economist Beau Whitney Releases Cannabis Jobs Report

12,500 Cannabis Jobs in Oregon Generating $315 Million in Wages

OREGON: Cannabis industry economist Beau Whitney of Whitney Economics today released the results of “Cannabis Employment Estimates,” a report compiled at the request of the Oregon State House of Representatives Committee on Economic Development and Trade on the number of jobs associated with the Oregon cannabis industry and a projection of the economic impact the industry is having on the state.

“On a national basis, the $50 billion cannabis market is essentially the equivalent to the U.S. wine market ($55 billion),” Whitney said. “And there are more than 1,000 businesses in Oregon that touch cannabis. I suspect that this is a very conservative estimate based on limited data from the Department of Employment and the OLCC.

In summary, Whitney’s report found:

  • As of February 21, 2017, there are 917 OLCC licensed cannabis businesses and an additional 1,225 applications for a cannabis business. 2,142 in total. The Oregon Employment Department lists 776 cannabis businesses inOregon
  • There are approximately 12,500 jobs associated with the cannabis industry in Oregon. These are jobs that directly touch cannabis and are not jobs associated with auxiliary businesses such as security, regulatory, accounting, consulting, real estate, etc. This is a very conservative estimate and these numbers are expected to increase once the more detailed analysis is completed
  • At an average wage of $12.13/hour, the total annual wages associated with these jobs are $315 million. With a multiplier of 4, this implies that there is $1.2 billion in economic activity related to these wages

The report does not extend into the supply chain for “shovels or picks,” meaning lights, greenhouses, insurance, real estate, accounting, security, etc.

“At present, I feel there are roughly 300,000 – 400,000 cannabis-touching jobs in the USA,” Whitney said. “That number will grow to more than a million as more states come online as legal markets. Cannabis is a job-creation machine.”

Whitney said a more comprehensive jobs report will be researched and published later in 2017, but this initial update should demonstrate the cannabis industry is a powerful force in the Oregon economic engine.

Legal Cannabis Market Gaining Traction

NEW YORK: The global medical marijuana market is expected to reach a value of USD 55.8 billion by 2025, according to a new report by Grand View Research, the report indicates that together with Washington D.C. 28 states have legalized marijuana for medical uses.

In 2016, states such as ArkansasFloridaNorth DakotaOhio, and Pennsylvania were approved to use the drug in medical applications such as chemotherapies and pain management. The growing number of states and countries getting approval for using it in therapeutic applications is one of the crucial factors driving the demand over the coming few years. In addition, successful legalization for recreational use in states like California.

Florida by itself is projected to become a major market after voters overwhelmingly chose to legalize medical marijuana with more than 70% of the vote. According to Arcview Market Research, the potential growth of the medical market in Florida is strong. The market is projected to reach $1.6 billion by 2020, growing at a compound annual growth rate of 140%.

“The opportunity for good jobs, tax money and wealth creation created by Amendment 2 passing cannot be understated. Savvy entrepreneurs and pioneering investors are rightfully exuberant about the Florida market. And, thankfully, seriously ill patients will no longer need to go to high school parking lots or drug dealers to get their medicine,” said Troy Dayton, CEO of the Arcview Group.

Legal US pot sales soar to $5.4B in 2015: Report

Legal U.S. pot sales soared to $5.4 billion for 2015, up 17.4 percent from $4.6 billion in 2014, according to data released Monday by the ArcView Group, which tracks the cannabis markets.

The figures include medical and adult consumer sales. However, the annual gain was largely fueled by the explosive growth in consumer sales, as some states have approved adult recreational marijuana use. Adult use sales grew to $998 million from $351 million in 2014, according to the research. And voters in more states, including California, are likely to take up the issue in 2016.

By many measures, 2015 was a bellwether year for marijuana, as states like Colorado and Washington paved the way for new business models and growth. Entrepreneurs have opened spa-like retail shops for adult users and medical cannabis sales. The social experiment to abolish cannabis prohibition in some instances is melding with a for-profit corporate culture.

The growing cannabis market features a variety of innovative consumer-facing products such as vaporizers, edibles and capsules. As an example, Colorado adult use sales surpassed $100 million last year for the first time.

In Colorado, A Blazing Start

COLORADO: Legal retail weed in Colorado turned one year old this month. While legalization remains more experimental than established at this point, the early returns make a compelling case that the first year was a sweeping regulatory success in the Rocky Mountain State.

Exhibit A: what didn’t happen in 2014. Despite the nightmare scenarios that anti-legalization advocates foretold, there was nothing to suggest a major jump in marijuana use among Colorado teens. The number of drug-related crimes in the state held steady or dropped. And the spike in traffic fatalities resulting from drugged driving that naysaying opponents had predictedfailed to materialize. Yes, a lot could still change as the nascent retail market matures, but it’s now clear that the state’s first-of-its-kind experiment with recreational weed is off to a blazing start.

Colorado voted to make recreational pot legal in late 2012, and the state spent the next year crafting an innovative licensing system to tax and regulate retail sales, which then began on New Year’s Day 2014. The rollout has gone so well that Gov. John Hickenlooper, who once said Colorado voters were “reckless” to legalize weed, has changed his tune.

Washington State Growers Struggling To Sell Legal Marijuana

WASHINGTON:  Washington’s legal marijuana market opened last summer to a dearth of weed. Some stores periodically closed because they didn’t have pot to sell. Prices were through the roof.

Six months later, the equation has flipped, bringing serious growing pains to the new industry.

A big harvest of sun-grown marijuana from eastern Washington last fall flooded the market. Prices are starting to come down in the state’s licensed pot shops, but due to the glut, growers are — surprisingly — struggling to sell their marijuana. Some are already worried about going belly-up, finding it tougher than expected to make a living in legal weed.

“It’s an economic nightmare,” says Andrew Seitz, general manager at Dutch Brothers Farms in Seattle.

 

Washington Marijuana Market Mellows

WASHINGTON: Ramsey Hamide looked across the packed shelves and piled boxes of product in the cramped backroom of Main Street Marijuana and stretched out his arms.

“Look at this,” the store manager said, smiling victoriously. “Nonstop, growers are coming, bringing us samples, new products.”

It’s a vastly different world from six months ago, when Main Street, Clark County’s first recreational marijuana store, opened its doors on July 9 to widespread shortages.

For the first few months, Hamide spent days on the road, courting growers across the state and trying to build relationships that would secure at least a modest amount of stock for his mostly barren shelves.

But by November and December, the situation had changed significantly, with growers coming to Vancouver to court him, hawking a wide variety of strains, edibles, lozenges and even some oils and concentrates.

Shortly before he spoke to The Columbian on a December afternoon, a new grower dropped by unannounced with a bag of samples for store employees to try, hoping to make a sale. The asking price per gram was too high, so employees sent him away — something unheard of just six months ago.

The Mother Of Marijuana Legalization: Pot Comes ‘Out Of The Shadows’

WASHINGTON:  Alison Holcomb, criminal justice director for the American Civil Liberties Union of Washington state, is known in these parts as the mother of marijuana legalization. She drafted Initiative 502, which voters passed overwhelmingly in 2012; the measure struck down prohibitions on recreational pot use and led to the creation of Washington’s marijuana market.

On Tuesday, she helped inaugurate Seattle’s first legal pot retailer, buying 4 grams of O.G.’s Pearl at Cannabis City in Seattle’s SoDo neighborhood, after giving a rousing speech about the evils of prohibition and the benefits of decriminalization:

“What we are tackling today is the supply side of the equation. We’re moving marijuana out of the shadows, regulating it for consumer and community safety, dedicating new tax revenues to keeping kids healthy and keeping them in school. We’re finally taking marijuana out of the criminal justice system and treating it as a public health issue.”

The day before the doors opened, Holcomb talked to the Los Angeles Times about how the new market will work, worries about shortages, and what the Evergreen State learned from Colorado, which began selling legal recreational marijuana on Jan. 1.