ArcView Market Research report estimates sales will reach 20 billion by 2021
By Habit 420
Oregon Cannabis Connection
ArcView Market Research released their annual cannabis market summary, and the numbers are staggering for the legal marijuana industry. In their 4th edition of The State of Legal Marijuana Markets they report that an amazing 30% growth rate occurred in the industry, which makes it the fastest growing industry in the country by far. The pace is even greater than the dot-com era, which grew at only a 22% rate.
ArcView teamed up with New Frontier, a data analysis company, and based their figures on data from BDS Analytics, a market research company. BDS has access to millions of dispensary transactions giving them unique insight unavailable from many companies. They found that the U.S. and Canada sold an estimated $6.7 billion in products in 2016. This was the first year Arcview included Canada in their research.
“The only consumer industry categories I’ve seen reach $5 billion in annual spending and then post anything like 25% compound annual growth in the next five years are cable television (19%) in the 1990s and the broadband internet (29%) in the 2000s,” explained Tom Adams, editor-in-chief of Arcview Market Research, in a statement.
Eventhough there is a significant amount of uncertainty with a dramatic change in Washington D.C., ArcView is still encouraged by the industry. Troy Dayton, ArcView Chief Executive Officer, believes that even if Trump does not support recreational markets he will still allow states to make their own rules.
“It’s one of the few things he has been consistent on,” Dayton said, referring to Trumps campaign comments supporting states rights on the issue. “Twenty-one percent of the total U.S. population now live in legal adult use markets.”
A free 50 page executive summary is available at their website here. You can also order the full 300 page report and get more information on ArcView.
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