A recent article on Entrepreneur.com highlights the already massive marijuana market, and the growth that is yet to come. If you are a Seed Investor in the marijuana marketplace, this is recommended reading.
The marijuana industry has continued its explosive growth in 2018, and a new report has quantified just how explosive.
Sales of legal marijuana in the United States could hit $10 billion this year and skyrocket to $22 billion by 2022, according to the 2018 Marijuana Business Factbook released by Marijuana Business Daily. That’s big growth year-over-year, with last year’s figure for both recreational and medical marijuana hitting about $6.2 billion.
Here are some of the factors driving projections.
Of course, California. The legal 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 about $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 in place. Sales launched 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 above the original projections. Nevada already has raked in almost $49 million in marijuana taxes.
Waiting in the wings is Massachusetts, where legal adult-use marijuana sales are expected to launch in July.
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