The marijuana industry has emerged as one of the most exciting investment opportunities in recent years. Over the past year or so, the medical marijuana industry has grown at an impressive pace. One of the most important triggers was the legalization of marijuana in Canada. It is important to keep in mind that the entire legalization process could eventually include many more countries. In addition to that, the possibility of legalization of marijuana in the United States is one of the biggest reasons for positivity among a lot of people.
According to many analysts, the potential for growth in the industry is significant. In a recent development, an analyst from Bank of America has made a particularly bullish forecast. Christopher Carey of Bank of America has stated that the aggregate sales in the cannabis industry could touch $166 billion and become a major disruption for a much more established industry in the near future.
However, Carey did state that the biggest driver of growth for the marijuana industry is going to be the United States and has projected that the country would eventually account for as much as 34% of the total sales in the world.
Total Marijuana Sales to Hit $30.4 billion by 2023
Other than Carey, the Marijuana Business Daily has also made bullish predictions with regards to the total sales in the legal marijuana industry in the coming years. According to this report, the total sales could reach as much as $30.4 billion by the year 2023. Additionally, it has been estimated that the total economic impact of the legal marijuana industry could be as much as $100 billion by 2023. In 2019, it is projected to be anything between $39 billion and $48 billion.
The adult use of the recreational market is also projected to grow by leaps and bounds. It is estimated that the total sales in the segment could be $22 billion in 2023. Experts believe that the growth of the United States market is going to be the biggest driver behind the growth. Although the illicit marijuana market remains a threat to the industry, it is believed that the industry is currently primed for growth.