Entrepreneur.com: New Numbers Reveal the Marijuana Industry Boom Has Only Begun

Entrepreneur.com: New Numbers Reveal the Marijuana Industry Boom Has Only Just Begun

A recent article on Entrepreneur.com highlights the massive marijuana market, and the expansion that is yet to come. If you are a Seed Investor at the bud market, this is recommended reading. 

The marijuana industry has continued its explosive growth in 2018, and a new report has measured precisely how explosive.

Sales of legal bud in america could hit $10 billion annually and dropped to $22 billion by 2022, based on the 2018 Marijuana Business Factbook released by Marijuana Business Daily.  That’s big growth year-over-year, with this past year’s figure for both recreational and medical marijuana hitting about $6.2 billion.

Here are some of the factors.

Obviously, California. The authorized recreational marijuana market launched in the Golden State in January of this year. The massive market is expected to help drive nationwide sales of recreational marijuana alone from roughly $2.7 billion in 2017 to between $4 billion to $5 billion in 2018.

Nevada and Massachusetts

Nevada came out of the gates fast last year. After voters approved legal recreational cannabis sales in Nevada in November 2016, the state moved faster than any other in getting a recreational marijuana market set up. Revenue started in July 2017. The state already has sold more than $304 million in adult-use marijuana, with $41 million sold in March 2018 alone.  Those numbers are over the original projections. Nevada already has raked in nearly $49 million in bud taxes.

Waiting in the wings is Massachusetts, where legal adult-use marijuana sales are expected to launch in July.

READ THE FULL ARTICLE 

Published at Fri, 01 Jun 2018 17:27:22 +0000

Posted in: News

Comments are closed.