If California Voters Legalize Cannabis in November, Market to be $6.5 Billion Annually by 2020

California VotersIf 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%.

‚ÄúCalifornia 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”.

Read moreIf California Voters Legalize Cannabis in November, Market to be $6.5 Billion Annually by 2020

Legal Cannabis Sales Expected to Reach $23 Billion in 4 Years (Infograph)

Last year there was $5.7 billion in legal cannabis sales sold throughout the Untied States, According to a new report, that number is set to more than quadruple to $22.8 billion by 2020; just 4 years.

According to the newly released 4th Edition State of Legal Marijuana Markets Report from ArcView Market Research and New Frontier, most of the increase will be attributed to an large boost in recreational cannabis sales, as more states legalize the plant, and as states that have already legalized it expand the number of retail outlets in operation.

Below is an infograph, provided to us by USA Today, visualizing the above-mentioned report:

Read moreLegal Cannabis Sales Expected to Reach $23 Billion in 4 Years (Infograph)

Over $2.7 Billion in Legal Cannabis Sold in the U.S. in 2014

There wascannabismoney over $2.7 billion in legal cannabis sold throughout the United States in 2014, up from $1.5 billion in 2013, according to a report released Monday by ArcView Market Research. The 74% increase makes the cannabis market the fastest growing industry in the country.

According to the report, if every state in the U.S. legalized cannabis the size of the cannabis industry would top $36.8 billion, making it larger than the organic food industry which is worth around $33.1 billion. The group predicts the industry to be worth roughly $11 Billion by 2020.

Read moreOver $2.7 Billion in Legal Cannabis Sold in the U.S. in 2014