Report: U.S. MJ Sales May Triple to $30 Billion by 2023
Marijuana Business Daily recently published its 7th annual Marijuana Business Factbook, which details sale projections for the legal cannabis industry in the U.S. between 2018 and 2023.
The report breaks down revenue projections into ranges; here is how sales are expected to progress over the next five years:
2018: $8.6 billion to $10 billion
2019: $11.2 billion to $13.7 billion
2020: $15.7 billion to $19 billion
2021: $19.4 billion to $23.5 billion
2022: $22.4 billion to $27.4 billion
2023: $25 billion to $30.4 billion
When broken down even further, these numbers project that the majority of growth will come from the recreational market. Recreational marijuana revenue is projected to triple over the next five years.
Despite this incredible growth rate, the Factbook notes the enormous black market which continues to operate behind the scenes. According to the report, the black market currently accounts for between $50 billion and $60 billion in annual sales.
