Legal marijuana sales forecast to hit $23B in 4 years
Marijuana is rapidly becoming a big, semi-legal business across the country, with $5.7 billion in sales last year and tens of thousands of people working and paying taxes as they cultivate, package and sell cannabis. USA TODAY
The industry is only expected to grow in 2016, particularly if California voters this fall decide to legalize recreational use, according to the newly released 4th Edition State of Legal Marijuana Markets Report from from ArcView Market Research and New Frontier, a cannabis-focused data-analysis firm. Much of the increase is attributed to adult use market sales, which hit $1.3 billion last year. By 2020, adult use and medical marijuana sales are expected to reach nearly $23 billion, triple this year.
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Legal marijuana: A $44 billion business by 2020?
The growing acceptance and legalization of marijuana is helping the U.S. cannabis industry expand well beyond niche status. It's forecast to pump from $24 billion to $44 billion annually into the country's economy by 2020, according to an industry publication.
At the upper end of that forecast, published in the Marijuana Business Factbook 2016, it means sales of medicinal and recreational marijuana and related products and services would nearly equal the annual revenues of such Fortune 500 firms asFedEx (FDX) and Lockheed Martin (LMT), should current trends continue.
Put another way, that $44 billion is just shy of Panama's $46.2 billion GDP and ahead of Serbia's $43.9 billion. Even if the industry publication's forecast is a bit puffed up, cannabis is clearly heading for the big time.
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