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.
- Ed Kashi