If California voters give approval to Proposition 64 this November to legalize cannabis for everyone 21 and older, the legal cannabis market will be worth $6.5 billion annually by 2020, a new report has found.
According to the 2016 California Legal Cannabis Market State Profile, released by Arcview Market Research, California’s legal cannabis industry would grow from $2.76 billion in 2016, to $6.5 billion by 2020; the annual growth rate is estimated at 18.5%.
“California is the 6th largest economy in the world”, says Arcview CEO Troy Dayton. “The opportunity for jobs, tax money and wealth creation made possible by California ending marijuana prohibition cannot be overstated”.
According to recent polling, 64% of voters in California support legalizing cannabis, indicating that voters will pass Proposition 64 this November. The proposal would legalize the possession, use and state-licensed distribution of up to an ounce of cannabis for those 21 and older.