ArcView Market Research, the leading publisher of cannabis market research and information in partnership with New Frontier, the cannabis Big Data and analytics authority, 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. Oregon adult use sales began in October of 2015, and combined with medical sales, the legal market brought in $264.8 million. By the end of 2016, the total legal market is projected to be $481.7 million.
"The state's decision to allow limited adult use sales through existing dispensaries in advance of recreational sales, which are scheduled to begin in the fall of 2016 have helped boost revenues for the 85% of dispensaries that opted into the program and provided an early indication of the demand expected when the full adult use market activates." said Troy Dayton, CEO of The ArcView Group.
"Oregon is on the frontier of the cannabis legalization movement. It was the first to decriminalize small amounts of cannabis, one of the first to legalize medical marijuana, and it was third to allow adult use sales. It will be quite interesting to see how they do in 2016, their first full year of recreational sales," said Giadha DeCarcer, Founder and CEO of New Frontier.
A number of factors make Oregon's adult use market attractive to business:
- Low license application fees
- No restrictions on the number of producer, processor or retailer licenses
- The lowest retail cannabis tax rates in the country
- The 6th highest rate of adult cannabis use in the country
- 16 years of medical cannabis experience in the state before adult use was legalized
If you would like more information on the state of Oregon's market or any of the other states where marijuana is legal, you can download the State of Legal Marijuana Markets Report at www.ArcViewMarketResearch.com and https://frontierfinancials.com/SOLMM where it can be ordered for $497.
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 or media inquiries, please visit www.arcviewgroup.com.
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.