CALIFORNIA: The global legal cannabis market was valued at $14.3 billion in 2016 and is forecast to grow at a CAGR of 21.1% between 2017 to 2024 or culminating to $63.5 billion by 2024, according to a report by Ameri Research.
The market is going through a period of strong growth thanks to increasing legalization and decriminalization of cannabis products across North America and Europe. The report indicates that due to the complex regulatory structure at state and federal level, the full potential of the market is not yet clear. A recent report published by Arcview Market Research explains that growth of the legal cannabis industry will reaccelerate beginning 2018, as adult use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida.
In states like California for example, where new recreational cannabis laws went into effect on January 1st, 2018, analysts are projecting an increase in sales of Cannabis. The new industry is also expected to contribute to California’s tax revenue. The LA times reported that, California is on the verge of creating a legal market for marijuana worth more than $5 billion that will help make the state a destination for pot-loving tourists.