According to a report released Tuesday by the Market Research of the Arcview Group and New Frontier Group as it delves into the uniquely complicated and massive cannabist industry to project its direction says that the legalization of recreational marijuana could grow the industry in California to $6.5 Billion in 2020. If the Adult Use
According to a report released Tuesday by the Market Research of the Arcview Group and New Frontier Group as it delves into the uniquely complicated and massive cannabist industry to project its direction says that the legalization of recreational marijuana could grow the industry in California to $6.5 Billion in 2020.
If the Adult Use of Marijuana Act succeeds and is implemented by 2018, California’s legal marijuana sales likely will climb by $1.6 billion within the first year, according to the Arcview and New Frontier market report. The nation’s legal cannabis industry is expected to climb to $23 billion in 2020, up from $5.7 billion in 2015.
But California’s influence as a market-mover goes far beyond its size, Kagia said. California also is poised to be a leader in creating rules for social pot use; should become a frontrunner in developing organic standards; and likely will become a hub for cannabis research, as the Adult Use of Marijuana Act calls for 10 percent of sales tax collected to be spent on drug abuse research and another 10 percent on cannabis research, according to the market study.
