According to a new report presented by researchers with Achview, marijuana may be a bigger industry in the United States than anyone understood. Their study looked at the marijuana industry in both the United States and Canada, looking at both legal medical/recreational sales and sales within the black market. They found that North Americans have spent a whopping $53 Billion on marijuana, with the vast majority of sales within the black market.
In their executive summary of their study, “State of Legal Marijuana Markets”, Arcview finds that residents in both the United States and Canada spent $5.08 billion on medical marijuana in 2016. Recreational sales hit $1.7 billion in 2016. Both numbers are up from 2015, demonstrating that the legal market is growing. This, of course, is to be expected as laws change in the two countries around marijuana.
The report notes:
“More states passed laws to open new markets and expand existing ones in 2016 than in any previous year. These new markets will drive sustained revenue in the years ahead.”
If the researchers are right in their projection for how the legal marijuana industry will grow over the next few years, there is no wealth of excuses for entrepreneurs to not get into the market. The report is projecting that legal sales are going to reach about $21 billion by 2021, with $14.8 billion being in recreational sales and $6.7 in medical sales. The projections include sales in Canada, the United States and Mexico.
According to the report, the country that is really leading the way in growing the legal industry is Canada. Canada’s Prime Minister, Justin Trudeau, has emphasized creating regulations and streamlining the national legalization in the country.
Thanks to Arcview Research for this update on the industry. Arcview has established itself among the front-running countries for interpreting data on the sale and distribution of cannabis.