60% of the U.S. population (thirty states and the District of Columbia) now lives in states that have legalized some form of cannabis use and sales, illustrating the rising acceptance of cannabis nationwide and highlighting the industry’s immense potential for future growth.
There are 30 States that now allow cannabis for medical use, 16 States allow Cannabidiol (CBD), 9 States and the District of Columbia now allow for recreational cannabis use.
Legal cannabis reached almost $10 billion in North America in 2017, according to a new report from cannabis industry analysts Arcview Market Research, in partnership with BDS Analytics. That represents an unprecedented 33% increase over 2016.
There are 9,397 active licenses for cannabis businesses in the U.S., according to Ed Keating, chief data officer for Cannabiz Media, which tracks cannabis licenses. This includes cultivators, manufacturers, retailers, distributors, deliverers and test labs.
The industry employed 121,000 people in 2017. If cannabis continues its growth trajectory, the number of workers in that field could reach 292,000 by 2021, according to BDS Analytics.
The legal cannabis industry accelerated at a remarkable pace in 2016. North American consumers spent $6.7 billion on legal cannabis products, up 34% from 2015.
The 34% compound annual growth rate from 2014 to 2016 was driven primarily by Colorado and Washington initiating adult-use sales.
California accounted for 27% of the 2016 legal market in North America, Colorado represented 20% and Washington represented 11%.
9 November 2016 three new states approved cannabis medical using: Arkansas, Florida and North Dakota. Four others that already had medical cannabis laws, legalized recreational.
Arcview Market Research forecasts growth will reaccelerate beginning in 2018, as adult use sales ramp up in Canada, California, and Massachusetts along with medical sales in Florida. The passage of initiatives in California, Nevada, Massachusetts, Maine, Florida, Arkansas, Montana, North Dakota, and West Virginia will add $7.4 billion to the 2021 market forecast.
New cannabis industry report predicts the entire legal cannabis market to reach $24.5 billion in sales – a 28% annual growth rate by 2021 – as more states legalize marijuana for recreational use and existing markets mature.
Of the top 10 markets, three already have adult use sales (Oregon, Washington, and Colorado), three have just won legalization elections (California, Massachusetts and Nevada), and four more (Michigan, Maine, Florida and Arizona) are expected to have implemented adult-use programs in the next five years.