On March 22, 2016, ArcView Market Research, in partnership with New Frontier, announced that it had released the 4th edition of the State of Legal Marijuana Markets, an in-depth report on market data for states with legal marijuana, as well as marijuana-related numbers on social and demographic changes in the United States.
According to the report, the legal marijuana industry currently has a compound annual growth rate of 31% and a market estimate of $5.7 billion. The report also notes that adult use market sales had a 232% year-over-year increase, growing from $374 million in 2014 to $1.2 billion in 2015.
Troy Dayton, CEO of ArcView, explained, “If all 9 states with ballot initiatives this year were to pass those laws, 9 in 10 Americans will live in a state where the use of cannabis in some form is legal. That is a staggering number when you realize that it was only two years ago that Colorado was the first state to fully legalize, and last year they generated nearly a billion dollars in marijuana sales.”
“The growth of the cannabis industry has been explosive in 2015 and this is just the beginning. Demand is expected to remain strong in 2016, with legal market sales projected to grow to $7.1 billion, a 26% increase over 2015,” said Giadha DeCarcer, Founder and CEO of New Frontier. “By 2020, legal market sales are expected to surpass $22 billion, with adult use sales comprising about 53% of the total legal market.”