Marijuana Sales Topped $6.7 Billion USD in 2016
North American sales could see up to $20.2 billion USD by 2021.
It’s no secret that the marijuana business is booming, especially since the expansion of the legal market. Forbes just recently reported that 2016 saw an impressive growth of cannabis sales reaching the $6.7 billion USD mark in the U.S. and Canada — a 30% increase and the largest uptick ever. The report comes from Arcview Market Research.
Furthermore, $5.86 billion USD were attributed to just U.S. sales, and the current projected increase for the future is at a whopping $20.2 billion USD by 2021 for the whole North American market — this is contingent upon Canada implementing legal marijuana use. Forbes also points out the growth in general is “larger and faster than even the dot com era.”
Arcview’s new editor-in-chief Tom Adams divulges that, “The only consumer industry categories I’ve seen reach $5 billion in annual spending and then post anything like 25% compound annual growth in the next five years are cable television (19%) in the 1990’s and the broadband internet (29%) in the 2000’s.”
It will be interesting to see how the legal marijuana market will shape cannabis culture globally, especially now that it has become a viable part of the economy. Other factors in terms of product will be the evolution of different forms of consumption, namely edibles. Marijuana enthusiasts have a lot to be excited about.
