“Retail sales of medical and recreational cannabis in the U.S. are on pace to eclipse $12 billion by the end of 2019 – an increase of roughly 35% over 2018 – and could rise as high as $30 billion by 2023,” reports the newly released 7th annual Marijuana Business Factbook from the editorial team of MJBizDaily.
“The cannabis industry has bolted across the proverbial doorstep from childhood, emerging as a lanky acne-ridden teen, exhibiting the hallmark characteristics of adolescence—rapid, uneven growth; a desire for legitimacy and independence; and uncertainty about what one wants to be when they grow up—all apply,” says MJBizDaily Research Editor, Eli McVey.
The 2019 Marijuana Business Factbook gives a deeper understanding of trends and overall cannabis landscape today, in-depth analysis and risk calculations.
Exclusive financial data, benchmarks and forecasting, also included in The Marijuana Business Factbook:
- The marijuana industry will create a $39B – $48B economic impact for U.S. in 2019 with potential to surpass $100B in economic beneifts in 2023.
- Sales of legal recreational and medical cannabis in 2018 clocked in at an estimated $11.2B-$13.7B, nearly as much revenue as the NFL generated in 2018 and over three times the amount spent on E-cigarettes last year.
- Legals cannabis sales represent a fraction of the estimated total demand for legal and black market cannabis in the U.S., which is around $50-$60B.
- The number of fulltime workers supporting cannabis industry is expected to reach between 175,000–215,000 in 2019, an increase of 34% over 2018’s estimated 130,000–160,000 workers.