NEW REPORT: Key State Ballot Initiatives Could Inject $7.8 Billion into the Marijuana Market by 2020
Washington – New Frontier Data, the cannabis Big Data and analytics authority, in partnership with Arcview Market Research, the leading publisher of cannabis market research, has released the Mid-Year Update of the 4th Edition of the State of Legal Marijuana Markets. If November’s cannabis ballot initiatives pass in California, Arizona, Nevada, Massachusetts, Maine, Montana and Florida these states alone will account for $2.7 billion in additional market sales in 2018, growing to nearly $8 billion in 2020.
The report also finds that sales in the cannabis sector are projected to hit $20.6B by 2020 with a compound annual growth rate of 29%.
“The cannabis industry is one of the fastest growing sectors in the economy and continues to astonish those in and out of the space. There are a record number of cannabis legalization initiatives on the ballot this November, which could account for as much as 38% of the total market by 2020. These markets will have an enormous impact on the cannabis industry,” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier.
“Savvy investors looking to get into the cannabis market can look at these numbers and see the industry is on the cusp, ready to explode. We are already seeing an enormous amount of interest from investors and entrepreneurs who recognize the unique scale of the opportunity presented by cannabis legalization,” said Troy Dayton, Arcview Group CEO.
This Mid-Year Update of the State of Legal Marijuana Markets 4th Edition will include:
- National Market Projections
- State Market Projections
- Key Regulatory Developments
- Reviews of our Top 10 Trends including:
- The DEA’s Decision Not to Reschedule
- The Presidential Election
- Growing Price War in Adult Use Markets
“Our projections for Oregon and Colorado have been right in line with the states’ performance reflecting how the growing amount of data we are collecting is enabling us to increase the precision of our projections,” said De Carcer.
The 2020 national projections in the Mid-Year Update are slightly lower than the projections in the State of Legal Marijuana Markets report from March of this year, down from $22.8 billion to $20.6 billion. This is because of increased market data, operational challenges and implementation delays in new markets, and changes to market regulatory models.
About New Frontier Data:
New Frontier Data provides objective, rigorous and comprehensive analysis and reporting for the nascent and underserved cannabis industry. New Frontier’s data and reports have been cited in over 45 countries around the world to inform industry leaders. New Frontier, the premiere Big Data shop in the sector looks beyond the plant cultivation and distribution, to raise the industry bar and improve visibility into what will inevitably soon be a mature and more complex industry. Founded in 2014, New Frontier is headquartered in Washington, D.C. For more information or media inquiries, please visit www.newfrontierdata.com or contact our PR team: NFD@PReturn.com.