The pot trade is booming: according to a new study, commerce in cannabis reached $5.4 billion in 2015, representing a 184 percent increase compared to the previous year.
As Troy Dayton, chief executive of the ArcView Group commented, “You won’t find another industry growing at that kind of clip.”
The study appeared in the fourth edition of the State of Legal Marijuana Markets, issued by the ArcView Group.
The study wrote that both medical and adult consumer sales grew from $4.6 billion in 2014 to $5.4 billion in 2015, a 17 percent increase year over year. Adult use sales rose to $998 million from $351 million in 2014, a growth rate of 184 percent.
The explanation for the large percentage increase is the fact that in July Oregon legalized the sale of pot for recreational use, joining the only two states where it’s totally legal to purchase marijuana without a medical marijuana license, Washington and Colorado.
“Legalization of cannabis is one of greatest business opportunities of our time and it’s still early enough to see huge growth,” said Dayton.
This trend is expected to continue as seven additional states are expected to vote on legalization of marijuana during 2016; while four other states could decide to change the standing marijuana laws to expand medical marijuana access.
“It is undeniable that cannabis is one of the fastest growing industry in the US. Twenty-three states already permit medical cannabis use, along with four states and the District of Columbia allowing full adult use,” said Giadha DeCarcer.
DeCarcer is the CEO and founder of New Frontier, a marijuana Big Data expert on analytics, and a partner in the study.
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