U.S.: Cannabis Market Reaches New Heights
A recent report by New Frontier and ArcView Market Research has revealed some very impressive numbers. Sales of legal cannabis products increased by 17 percent in 2015, reaching $5.4 billion, and sales are expected to increase by 25 percent more in 2016, reaching a total value of $6.7 billion.
This is quite an achievement for an industry in which the first legal dispensaries opened just two years ago. By 2020, total legal sales across the U.S. are expected to reach $22 billion.
According to ArcView projections, Washington state is expected to be the largest legal sales market by 2020, with estimated $2.3 billion of total sales. In 2015 alone, legal sales of marijuana products totaled more than $709 million in Washington, which is an increase of an amazing 242 percent over 2014.
It is a rare opportunity when a market that is potentially worth hundreds of billions of dollars is virtually untouched by large companies. While the number of states where the growth and sales of cannabis products remains limited, the majority of the population in the United States approves the end of federal marijuana prohibition nationwide.
For now, in states where cannabis is a legitimate and legal product, sales are through the roof.