New Frontier, the cannabis Big Data and analytics authority, in partnership with ArcView Market Research, the leading publisher of cannabis market projections and information, has released the 4th edition of the State of Legal Marijuana Markets, which shows that the legal cannabis industry is one of the fastest growing industries in America with a compound annual growth rate of 31%. The official 2015 ArcView market estimate is $5.7 billion, up from $4.6 billion in 2014.
The District of Columbia cannabis market brought in $11 million in sales and is expected to reach $19 million in 2016 with a 36.7% year-over-year growth rate. However, a more staggering statistic may be that marijuana related arrests have fallen by 93%.
"Ninety-two percent of those arrested in the District for marijuana violations have been black. The glaring disparity in enforcement across racial lines and its outsized impact on poor and minority communities was a key rallying cry for those who sought to change the law, and ultimately led to the successful passage of the city's legalization ballot initiative," said Giadha DeCarcer, Founder and CEO of New Frontier.
"The District and Congress have been at odds over how to best approach adult use legalization in the nation's capital since 2014. Even though adult use passed with over 70% of the vote, Congress has regulatory oversight of the city and has made the transition difficult. However, it is clear that removing criminal penalties is having a big effect on the city, which is demonstrated in the drop in the city's arrest rate," said Troy Dayton, CEO of The ArcView Group.
In 2010, Washington, D.C. led the nation with the number of arrests per capita. The city arrested 846 per 100,000 compared to New York's 535 arrests and Illinois' 389. The racial disparity in the city's arrests was also stark. Nationally, blacks were four times as likely as whites to get arrested for cannabis, but in the nation's capital they were eight times more likely.
According to the Metropolitan Police Department, arrests have fallen from a high of 5,756 in 2011 to only 266 in 2015 - a 93% decline. Washington, D.C. is just the latest city to highlight the power to end the aggressive and often unequal enforcement of prohibition laws which have most disproportionately affected the country's poorest communities.
If you would like more information on the state of Washington D.C.'s market or any of the other states where marijuana is legal. You can download the State of Legal Marijuana Markets Report at https://frontierfinancials.com/SOLMM/ and www.ArcViewMarketResearch.com and where it can be ordered for $497.
New Frontier provides objective, sophisticated and comprehensive reporting for the nascent and underserved cannabis industry. New Frontier is the premiere Big Data shop in the sector and looks beyond plant cultivation and distribution to raise the industry bar and provide visibility into a maturing and complex industry. New Frontier is headquartered in Washington, D.C. For more information, please visit www.frontierfinancials.com.
The ArcView Group:
Founded in 2010, The ArcView Group is responsible for a number of groundbreaking ventures in the cannabis industry. The ArcView Investor Network includes more than 500+ dues-paying accredited investors who have put more than $70 million behind 108 companies. The next members-only meeting of the group will take place in Portland May 1-3. ArcView Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market report. ArcView is a partner in >CanopyBoulder, a seed-stage mentor-driven business accelerator. ArcView is also co-founder of >Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. For more information, please visit >www.arcviewgroup.com.