Legal Cannabis Demand to Grow as California Sales Projected to Impact Market
1:14 pm ET April 12, 2018 (PR Newswire) Print
A recent report by Arcview Market Research indicates that consumer spending on legal cannabis in North America is outpacing previous estimates. The report emphasizes that retail cannabis sales will grow 33% from 2016, to about $10 billion this year. The data published projects that by 2021 the legal cannabis market will reach a value of $24.5 billion and at a 28% compound annual growth rate (CAGR). Arcview also stated that according to BDS Analytics' GreenEdge point-of-sale tracking service, the medical industry in California is already as big as the total markets in Colorado, Washington, and Oregon combined. Starting January 1st, California has started legal sales of cannabis products for recreational use.
A report by CNBC quotes MedMen CEO and co-founder Adam Bierman, who explains the current state of the industry, "There is so much excitement now around legalization nationally coming in Canada. There is so much excitement about the fact that California, Nevada, Maine and Massachusetts all legalized recreational marijuana... The Canadian public markets offer access to a lot of capital, with a lot of certainty and a lot of speed, and there is this appetite among global investors to invest in a U.S. play... Specifically, global investors want to invest in a U.S. play that has California exposure. Now is the time where it makes the most sense." MJTK App will be sorely needed by people all over north America, Canada and Beyond... ROCKET TIME Very Soon
