ArcView Market Research, the leading publisher of cannabis market research and information in partnership with New Frontier, the cannabis Big Data and analytics authority, today released the full 300+ page version of 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 has been increased to $5.7 billion, up from $4.6 billion in 2014. This was fueled primarily by explosive growth in adult use market sales, which grew from $374 million in 2014 to $1.2 billion, a 232% year over year increase.
"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," said Troy Dayton, ArcView CEO.
"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. By 2020, legal market sales are expected to surpass $22 billion, with adult use sales comprising about 53% of the total legal market," said Giadha DeCarcer, Founder and CEO of New Frontier.
With all of the state market data now reporting in from 2015 and the markets' continued strong performance in the first few months of 2016, the analysis has been adjusted for 2015 and future market projections.
This State of Legal Marijuana Markets 4th Edition represents a historic collaborative effort to raise the bar for market information in the cannabis industry by marrying ArcView's years of experience and nuanced understanding of these markets with New Frontier's Big Data and analytics capacity. The report explores market numbers for all states where cannabis is legal and the evolving national perceptions of cannabis and how social and demographic changes in the U.S. are fueling the rapid increase in support for legalization.
About 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. 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, a leading provider of business insurance to the cannabis industry.
About New Frontier:
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 the 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.
Source: New Frontier press release