OAKLAND, Calif. – The legalization of general-use cannabis in California will boost statewide sales to $7.6 billion in four years, according to an industry research firm.
Arcview Market Research, in partnership with New Frontier Data, estimates that the passage of Proposition 64 this month will add $4.1 billion to the 2020 market forecast bringing the overall market projection for legal adult-use and medical sales in California to $7.6 billion by 2020. That brings the compound annual growth rate (CAGR) to 23% in four years.
“This is the vote heard ’round the world,” said Arcview CEO Troy Dayton. “The other states that have passed legalization are like pilot studies compared to the seismic shift in the market that legalizing marijuana in the sixth-largest economy in the world will cause.
“There is nothing more powerful than an idea whose time has come. This is marijuana’s moment.”
“With the passage of adult use in California, the state has become the new epicenter of the legal cannabis industry,” said New Frontier Data CEO/Founder Giadha DeCarcer. “As both the oldest medical cannabis state and the largest cannabis consumer population, sales in California are projected to dwarf those of any other market.
“Additionally, the integration of California’s technology and marketing expertise will be enormously into the cannabis industry both domestically and internationally.”