Report: Cannabis Sales to Hit $20.2 Billion by 2021
Based on data provided by Arcview Market Research, legal cannabis sales in North America totaled $6.7 billion in 2016 and are projected to grow at a compound annual growth rate of 25 percent to an estimated $20.2 billion by 2021.
The demand of cannabis from legal markets is expected to increase as more states legalize either recreational or medical use. Consumers in North America spent over $53 billion in the legal and illegal cannabis markets combined in 2016.
According to another report from Arcview Market Research, the licensed cannabis stores are as profitable as Starbucks stores and the recreational markets will double the size of the medical market by 2021.
Tom Adams, editor-in-chief at Arcview Market Research and principal analyst at BDS Analytics explained, “Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe. The passage of the 2016 ballot initiatives and continued maturation of the existing Adult-use markets are the primary drivers of the growth this year. That’s nothing compared to what we can expect in 2018 and beyond from Nevada’s tourism, and California and Canada planning to launch Adult-use sales in 2018.”