Legal Cannabis Market Growth
Arcview Market Research and New Frontier Data’s mid-year U.S. cannabis market projections have the 2016 medical and adult use cannabis market sales totaling $7.4 billion, with an expected $20.6 billion market size for 2020. With a compound annual growth rate of 29%, the total national cannabis market continues to be one of the fastest growing markets in the U.S. economy. Though we are expecting to see an increase in total sales for 2016 end of year, 2020 figures will be off-set by lower than expected sales figures for 2018 and 2019. The recently updated projected values reflect changes in several state markets including: a delay in the implementation of Alaska’s adult use market, stricter than anticipated regulatory frameworks for New York and Illinois’s medical markets, changes in voter support in adult use cannabis for states such as Rhode Island, and greater clarity in data coming out of Washington and Colorado sales figures.