Here is a look at how big the market for legal marijuana is. According to a new report from a large cannabis industry investment and research firm, legal pot sales grew seventeen percent to $5.4 billion, in 2015 and can grow by an impressive twenty-five percent in 2016 to generate $6.7 billion in total United States sales. These numbers are extremely high, especially when one realizes that the first legal cannabis shop opened just two years ago.
ArcView Market Research released its 4th edition of The State of Legal Marijuana Markets report on Monday, which projects the legal marijuana market to see a great $21.8 billion in total annual revenue by 2020. In comparison, the legal cannabis market could be much larger than the National Football League, which is looking to reach $25 billion by 2027 although they only made $12 billion in 2015.
ArcView predicts the legal marijuana market to present a CAGR of approximately thirty percent up until 2020. “I think that we are going to see in 2016 this next wave of investors, the next wave of business operators, and people who’ve sort of been watching or dipping their toe in, really starting to swing for the fences and take it really seriously,” c, ArcView CEO, said.
ArcView Market Research, a section of marijuana industry investor network ArcView Group, typically gives some of the most reliable numbers and projections on the market for legal pot. In November, ArcView joined another marijuana industry analytics firm, New Frontier, in order to publish and produce their 2016 annual report. Apparently, the partnership has resulted in “by far the most comprehensive report,” according to Dayton. Instead of looking only at medical and legal dispensary sales, the report focused on all possible cannabis products, including delivery services which grow the drug and deliver it themselves.
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