The legal marijuana industry has proven itself as a booming business with even greater future prospects.
Forbes reported North American marijuana sales grew by an unprecedented 30% in 2016 to $6.7 billion as the legal market expands in the U.S. and Canada, according to a new report by Arcview Market Research.
The industry has a projected $23 billion sales forecast for 2020, reported USA Today.
This amazing industry growth is larger and faster than even the dot-com era. During that time, reported Forbes, GDP grew at a blistering pace of 22%. Thirty percent is an astounding number especially when you consider that the industry is in early stages.
Arcview CEO points to alternative forms of consumption as a key to the massive growth.
ArcView’s analysis uses data provided by BDS Analytics that has access to millions of individual consumer transactions from dispensary partners. “One of the biggest stories was the alternative forms of ingestion,” said ArcView Chief Executive Officer Troy Dayton. “Concentrates and edibles are becoming customer favorites versus traditional smoking.”
In 2016, California, Nevada, Massachusetts, and Maine joined Alaska, DC, Colorado, Oregon and Washington in fully legalizing recreational marijuana.
There are currently 28 states that have legalized medical marijuana:
You can help this great industry grow by contacting your lawmakers and letting them know you support fully legalized marijuana and all its health benefits.
(Article By Jeremiah Jones)