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.
Strong consumer demand for both dried flower and extracts helped propel the Washington market to over $709 million in 2015, a year-over-year increase of 242%.
"In 2014, adult use sales in Washington accounted for 18.6% of all legal adult use sales in the country. By the end of 2015, Washington's share of the legal adult use market had risen to nearly half," said Giadha DeCarcer, Founder and CEO of New Frontier.
"Washington has remained on the industry's frontier as one of the first states to legalize both medical and adult use. They have seen some hiccups in getting their framework off the ground, but strong consumer demand is helping the market flourish," said Troy Dayton, CEO of The ArcView Group.
Legislative changes have been frequent as the state attempts to bridge the long-standing medical cannabis program with the adult use market. The medical market will see big changes ahead in its regulatory framework. Most notably, the medical and adult use markets will take a step towards unification with the roll out of the following new rules July 2016:
- Previously operating medical dispensaries will have to possess a retail license issued by the Washington State Liquor and Cannabis Board (LCB) by July 2016 in order to operate.
- Cannabis sales to medical patients from retail locations will be subject to the 37% retail excise tax.
- Patient collective gardens will be permitted under stricter private cultivation regulations.
If you would like more information on the state of Washington'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.
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 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.
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. 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.