Cannabis Sales Grew By 33% in 2017!

“Aside from cryptocurrency, there is simply no other industry changing as rapidly or as unevenly as the cannabis sector.”
Troy Dayton, CEO, The ArcView Group reported in December 2017 that legal cannabis dispensary sales are surpassing all estimates – by around 33%. Sales are expected to hit nearly $10 billion to end the year strong.

By 2021 the market will more than double.

This article looks more closely at how the markets have expanded to include sales of marijuana. It appears that pot has given the U.S. economy an economic boost, which is only expected to increase. Let’s take a closer look at this phenomenon.

Marijuana Sales $24.5 Billion by 2021

It seems investors are very interested in marijuana and its market potential. An ArcView market research report shows that marijuana has gone mainstream, despite the federal government’s stubborn refusal to follow state legalization trends. The ArcView report showed:

  • Nevada’s recent legalization for recreational use of the plant generated over $27 million in the first month of sales.
  • The industry launched its largest IPO this year, MedReleaf, which raised more than $100 million for their new venture.
  • The California medical market has already surpassed the combined markets of Colorado, Oregon, and Washington.

It seems that the newly opened market for the medical and recreational market is busy – and volatile – with an up and down roller coasters on any marijuana stock. Profit Confidential pointed out that 2016 was an incredible year for cannabis investors; 2017 was a little rockier. But all the signs point to 2018 that will surpass all expectations for growth in this fledgling industry.

Predictions for Legal Pot, 2018

“A record high 64% of Americans support legalizing marijuana for recreational use, according to a 2017 Gallup Poll. Support for legalization is rooted in changing perceptions of the drug’s potential harm, as well as the prospect of hundreds of millions of dollars in marijuana sales and excise tax revenue for state governments.”

Samuel Stebbins and Grant Suneson, USA Today

It’s clear that the business of legalized marijuana will become a boon for investors in 2018. That’s because another dozen states will legalize medical and recreational marijuana sales. USA Today predicts 15 states will legalize next year, creating hundreds of jobs and generating millions for cash-strapped states. They suggest more than 300,000 jobs will be created by 2020.  States that are expected to pass some form of marijuana legalization include:

  • Arizona
  • Arkansas
  • Connecticut
  • Delaware
  • Florida
  • Illinois
  • Maryland
  • Michigan
  • Minnesota
  • Montana
  • New Hampshire
  • New York
  • Ohio
  • Rhode Island

While some of these states have already legalized medical marijuana, ballot initiatives are expected to take the issue of the full recreational use of marijuana to the voters. In most cases, given the overwhelming popularity and push for legalization, it is expected these ballot measures will pass.