New York State: Legal Cannabis Market Would Yield $434 Million Annually

NEW YORK:  The state of New York would gain an estimated $434 million annually in new tax revenue under a regulated adult use marijuana market, according to an analysis prepared by the New York City Comptroller’s office.

Cannabis Sales On The Rise In North America

NEW YORK: The global legal cannabis market was valued at $14.3 billion in 2016 and is projected to grow at a CAGR of 21.1% between 2017 to 2024, while reaching a value of $63.5 billion by 2024, according to a report by Ameri Research.

The market is going through a period of robust growth because of increasing legalization and decriminalization of cannabis products across North America. The report specifies that legalization trends are moving beyond the U.S. region.

Washington State Legal Cannabis By The Numbers: February 1, 2018 -May 10, 2018

WASHINGTON: The below statistics cover activity in Leaf Data Systems for the time period between February 1, 2018 and May 10, 2018:

Leaf Data Systems for the time period between February 1, 2018 and May 10, 2018.

Leaf Data Systems for the time period between February 1, 2018 and May 10, 2018.

 

Legal Cannabis Market Projected To Grow As Customer Base Expands

NEW YORK: According to a recent report from Brightfield Group, the global cannabis market is presently worth $7.7 billion and is projected to reach $31.4 billion by 2021. The United States accounts for about 90 percent of the whole market. But the U.S. domination of the market is expected to decrease to approximately 57 percent due to legalization of cannabis products in other countries. Canada is considered as one of the largest markets for cannabis products. Canada plans to legalize recreational cannabis later this year.

According to Benzinga, Viridian Capital President Scott Greiper explained that the cannabis industry received $1.23 billion investments in the first five weeks of 2018, up from $178 million a year earlier. Viridian Capital Advisors’ Vice President Harrison Phillips said: “Investments in cultivation and retail this year have been driven predominantly by the Canadian player. This has been happening pretty consistently from late 2016 through 2017. This reflects the necessity to scale cannabis businesses, to get some kind of advantage, and to explore strategic opportunities, both through acquisitions and international expansion.”

 

Sales Of Cannabis Products For Medical And Adult Use

NEW YORK:  The legal cannabis market was worth $6.6 billion in 2016 and is forecast to grow to $24.1 billion by 2025, registering a compound annual growth rate of 16 percent, according to a report by New Frontier Data.

By segment, the medical cannabis market was worth $4.7 billion in 2016 and is expected to grow to $13.3 billion by 2025. Recreational cannabis sales throughout the same period are expected to grow at a 21 percent CAGR, from $1.9 billion to $10.9 billion. The continuous validation of cannabis products for both medical and recreational use is a key factor contributing to the progress made in this industry. On November 8th, 2016, California has passed California Proposition 64 by a vote of 57.13% for and 42.87% against, allowing individuals in California to use and grow cannabis for personal use.

California’s new recreational cannabis laws were officially implemented on January 1st, 2018. New Frontier Data CEO, Giadha Aguirre De Carcer, commented on California’s potential market growth, “California offers the perfect example of why it is so important to understand trends in consumer behavior. The state’s legal (cannabis) industry is forecast to grow from $2.8 billion in 2017 to $5.6 billion in 2020. That spending will be increasingly directed at products and retailers who understand and serve the market’s evolving tastes and preferences. The market is changing, and the most successful operators will be those who adapt most quickly to the change.”

Cannabis Market Expected to Grow As Legalization Spreads

NEW YORK: According to a new report from Brightfield Group, the global cannabis market is currently worth $7.7 billion and is expected to reach $31.4 billion by 2021. The United States accounts for about 90 percent of the market. But the U.S. domination of the market is expected to drop to 57 percent due to legalization of cannabis in other countries. Canada is considered as one of the biggest markets for cannabis. Canada plans to legalize recreational cannabis by July 2018. Other countries in South American and Europe are also expected to legalize cannabis for either recreational use or medical use before 2021.

The booming cannabis market is expected to have positive economic benefits, such as creating more jobs and generating tax revenue. According to MG News, Vivien Azer of Cowen & Co. said in a report: “When you consider ancillaries such as growers, testing labs, security, etc., the economic impact could range from $12.7 to $22.6 billion. Of note, these numbers do not include the impact of tourism, business taxes, licensing fees and paraphernalia sales, which could drive the economic impact higher.”

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.

Top 3 Drivers Of North American Cannabis Packaging Market

UNITED KINGDOM: Technavio market research analysts forecast the cannabis packaging market in North America to grow at a CAGR of more than 10% during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the cannabis packaging market in North America for 2017-2021. The report also lists rigid packaging and flexible packaging as the two major segments based on packaging type. The rigid packaging segment dominated the market with close to 62% of the market share in 2016.

 

Cannabis Product Sales Projected To Increase For Both Medical And Recreational Use

NEW YORK: A market report by Ameri Research emphasizes that the global legal cannabis market was valued at $14.3 billion in 2016 and is projected to grow at a CAGR of 21.1% from 2017 to 2024. During the forecast period, the demand for cannabis will continue to rise for both recreational and medical use products, and estimated global sales value is expected to reach $63.5 billion. The report points out the legal cannabis market is witnessing robust growth thanks to successful legalization and decriminalization campaigns across North America and Europe. Ameri Research also explained that due to the complex regulatory structure at the state level and federal level, the full potential of the market is not yet realized.

Major components of the cannabis industry are hemp products. “One of the most surprising things we found during this research was how many companies are currently operating in the space, and how few of them are generating significant revenue,” said Bethany Gomez, the Director of Research at Brightfield Group. “Essentially everyone is trying to do hemp, but only a handful are doing it well. It’s seen as easy because it can be sold online but, with restrictions on traditional marketing, it is very difficult to connect with your core consumer and even communicate why they need your product,” Forbes reported.

U.S. Legal Cannabis Market to Grow to $24.1 Billion by 2025

DISTRICT OF COLUMBIA: New Frontier Data, a leading cannabis industry business intelligence firm, has refined its market projections for adult use and medical markets across the country,  according to The Cannabis Industry Annual Report: 2017 Legal Marijuana Outlook. The firm forecast the legal cannabis market to grow to $24.1 billion by 2025 with a compound annual growth rate of 16%.

“As we continue to gain better access and visibility into various state’s markets, as well as continue to increase the amount and diversity of data collected, we are able to refine our market projections and hone in on where the cannabis industry is going. That said, we continue to see numerous challenges to data collection efforts in the cannabis industry, particularly due to the fragmented and unstandardized data available from both public and private institutions. Rigorous data collection protocols and reporting standards must be a priority to ensure the growth and comprehensive understanding of this industry.

Over the course of refining market projections, there have been important lessons learned from each state’s market performance, the industry’s nuanced developments, and from the increased amount of data gathered from state regulatory agencies.

The company applauds, in particular, the work of Washington state which has set the gold standard in transparency by making all the data collected by its seed-to-sale system publicly available. “This level of transparency is enormously valuable as it enables all stakeholders across the industry, including operators, investors, regulators and policymakers to have a quantifiable view into this highly dynamic industry,” said New Frontier CEO & Founder Giadha Aguirre De Carcer.

Based on these revised projections, the legal cannabis market was worth an estimated $6.6 billion in 2016, and is projected to grow at a compound annual growth rate (CAGR) of 16% to reach more than $24 billion by 2025. The medical market is projected to grow at 12% CAGR through 2025, growing from $4.7 billion in 2016 to an estimated $13.3 billion in 2025. During the same period, adult use sales are projected to grow at a 21% CAGR, from $1.9 billion to $10.9 billion (through projections based solely on the markets having passed medical and adult use legalization initiatives as of January 2017, but not including assumptions for additional states which may yet pass legalization measures before 2025).