Spending On Legal Cannabis Accelerates

NEW YORK: The rapid growth of the legal cannabis industry could help spur the U.S. economy. According to a report from The Marijuana Policy Group, the legal cannabis market in Colorado alone created about 18,000 cannabis-related jobs in 2015 and generated about $2.39 billion in economic activity for the state. In 2016, cannabis-related companies employed an estimated 100,000 to 150,000 full- and part-time workers, as was indicated in a report by Marijuana Business Daily.Legalization of cannabis for recreational use in four states in 2016 will further fuel the growth of this market.

According to a 2016 cannabis report from the Cowen Group, a New York-based market research firm, annual consumer spending in cannabis is estimated to be $30 billion.

California, a state home to 38 million U.S. citizens, legalized recreational cannabis use in November and is expected to boost the legal cannabis market. Vivien Azer, a cannabis analyst with Cowen, claimed that the nation’s legal market will grow rapidly over next decade due to consumer spending on recreational and medical cannabis.