America’s legal marijuana market is developing frequently
This is a very popular question today that is marijuana legalized? And how big is the market of legal marijuana? According to new report of leading marijuana investor and research firm that recently the marijuana sale jumped 25%, it is considered in this year the price of cannabis is reached from $5.4 billion to $6.7 billion. The report of The State of Legal Marijuana Markets stated that it is considered as the market of legal cannabis will reach $21.8 billion in total annual sales in the year of 2020.
ArcView also expect the growth rate of legal cannabis market will reach about 30% within next few years. According to the specialist, the next major wave of investors and business operators will be seen in 2016
Research report of ArcView Group, Leading cannabis investor network, recently showed a most regularly-cited estimate and figures on the market for legal pot. ArcView recently tied up with the data analytic firm of cannabis industry New Frontier, they also publish their annual report. They only concentrate on medical and recreational dispensaries’ sales. They also track extensive variety of legal marijuana sales.
The latest report of ArcView is extremely cheerful than its previous reports. In the year of 2014, ArcView group estimated $2.7 billion total industry sales. It is predicted by the specialist of ArcView that legal cannabis market develops to $10.8 billion by 2018.
Why the market is growing
While the marijuana remains totally illicit on the government level, but today public opinion has been moving for lawful cannabis for quite a long time. A modest bunch of states could turn into the most recent to permit the offer of recreational pot taking after expected votes in November. Four states as of now have sanctioned recreational pot, and a total of 23 states have authorized medical cannabis.
The medical marijuana markets are established in some of the US states like California which are still responsible for US’s legal cannabis sales. But it is expected that the sales rate of recreational marijuana help to add fuel to the cannabis market growth within next few years.
The big jump in marijuana sales agree with the first overall year of recreational cannabis sales in US state Washington in last year. This state launched the legal recreational market 2014, as well as the beginning of legal sales in Oregon last fall. Meanwhile, 2015 recreational sales in Colorado had already increased by almost 68% year-over-year after only 11 months.