Legal Cannabis Market Shows Strength in North America
NEW YORK, May 15, 2017 /PRNewswire/ --
A report by Arcview Market Research indicates that the legal cannabis industry accelerated at a remarkable pace in 2016. North American consumers spent $6.7 billion on legal cannabis products, or up 34% from 2015. In the rapidly growing cannabis industry of 2016, investors, regulators, and businesses hoped to glean important information from the first-movers. 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. This will grow the $6.7 billion market of 2016 at a robust 27% CAGR to $22.6 billion in 2021. Cannabis Wheaton Income Corp. (TSX.V: CBW), Invictus MD Strategies Corp. (OTC: IVITF) (CSE: IMH.CN), Supreme Pharmaceuticals, Inc. (OTC: SPRWF), Emblem Corp. (OTC: EMMBF), Aphria Inc. (OTC: APHQF)
The report identifies despite mixed signals from Washington, D.C., the cannabis legalization venture has pushed forward across many states. Congruent states are using Colorado, Washington, and Oregon as models while expanding in to the medical or adult use space. The biggest political win of the U.S. election came in California, as voters originally failed to approve adult use in 2010, they voted overwhelmingly in 2016 legalizing in a state that represents the world's sixth-largest economy. As for Canada, last month Canadian Prime Minister, Justin Trudeau had taken the first steps in fulfilling his campaign promise in legalizing cannabis for recreational purposes in the country. The proposed legislation is called the Act to Amend the Controlled Drugs and Substances, and the goal is to implement the legislation by July 2018.
