For the year of 2016, it's estimated that cannabis sales totaled roughly $6.7 billion in the U.S.
Overall, the cannabis sales grew about 30 percent. And thanks to the growing support of many states to exercise civil disobedience in permitting either recreational or medical use of cannabis, it's expected that the cannabis market will show healthy growth well into the future. By 2021, it's estimated that it could top $20 billion annually in sales, according to a compound annual growth rate that is roughly 25 percent.
Support For The Plant Continues To Grow
The cannabis industry growth is expected to be faster and larger than that experienced during the dot-com hysteria. The new estimates on annual sales come from Arcview Market Research which happens to be a leader in the area of cannabis research.
For Colorado, Washington, and Oregon, they saw a 62 percent jump in sales from Sept 2015 – 2016.
The majority of those sales are coming from California and Oregon
To put the sales into perspective, here they (the 2015 sales) are compared to other common goods:
There are a number of popular cannabis products that are currently being sold, with the flower being the most commonly exchanged. Others include edible options, pre-rolled joints, concentrates, vapor pens, topicals, capsules, and more. The market has incredibly expanded in the past few years, offering customers a wide-range of products that they can now get to satisfy their medical or recreational cannabis needs.
Sales in Colorado for cannabis alone topped $1 billion in just 10 months in 2016.
Several other states are expected to be making changes soon in the way of trying to implement acceptance for controlled exchanges of cannabis. States to watch are said to be: Delaware, New Jersey, Texas, Vermont, and more areas.
Pics:
TheJointBlog
Gallup
Quartz
Forbes
sources:
https://www.arcviewmarketresearch.com/
http://www.forbes.com/sites/debraborchardt/2017/01/03/marijuana-sales-totaled-6-7-billion-in-2016/#2250494f1871
http://www.thecannabist.co/2016/12/12/colorado-marijuana-sales-1-billion-first-10-months-2016/69189/