Marijuana Industry may hit $ 44 billion in U.S. Economy by 2020
Posted by Sagar Satapathy on March 16, 2016.
A report by ‘Marijuana Business Daily’ (MBD) on Monday predicts that marijuana industry in the U.S. could hit between $24 and $44 billion a year by 2020. The economic impact includes not only sales of marijuana, but also other associate factors of marijuana that come into the economy such as grow-lights, pipes etc.
"We've been expecting rapid growth in the marijuana industry for a while now, and that's exactly what's playing out," says MBD Managing Editor Chris Walsh. "The main drivers of the growth in recreational sales are Colorado, Washington and Oregon. And also, interestingly, even the mature medical marijuana markets are growing very quickly, like Arizona, New Mexico, and states that have had medical programs for years now. And then you have new medical marijuana states like Illinois, Nevada and Massachusetts." In other words, there's marijuana momentum almost everywhere.
MBD’s prediction for the 2016 economic impact of marijuana was between $14 and $17 billion. If existing economic and legal trends continue at the current rates, the industry will skyrocket to $24-$44 billion by 2020; retail sales in 2020 will comprise $6.1-$11 billion of that total. The growth of retail sales is estimated to jump by 17-26 percent compared to 2015 sales.
Notably, marijuana is legal for medical or recreational and medical use in 23 states and the District of Columbia.comments powered by Disqus