The cannabis market in the United States is projected to be worth 44.8 billion dollars by 2024, so says Arcview in their latest State of the Legal Cannabis Market report. The optimism behind that figure stems largely from 2018 serving as another strong year for cannabis sales in the U.S. With 2019 shaping up to be an even better year, and with more international markets thawing to the idea of cannabis, Arcview sees a massive opportunity for the industry.
Cannabis market in United States is primary driver
The report from Arcview dives in on a few things. Namely, the report anticipates legalization across most of the United States by 2024 and that with legalization, dispensaries across the country will largely be driving the market share. We’re in strong agreement with this assessment, too. While states such as Colorado, Washington and MMLG’s home state of California have all been legal for a number years at this point; none of those markets are anywhere approaching full or mature from a retail standpoint.
California’s cannabis landscape in particular will continue to develop well into the mid 2020s. With evolving regulations and competition from the illegal market causing some drag for legal cannabis in California, the opportunity in the United States’s largest cannabis market will only grow.
Consider too that newly legalized states such as Michigan and Illinois, in conjunction with states such as Missouri and New Jersey‘s medical opportunities and yeah, you can start seeing a path to that $45 billion valuation. Toss in the fact that massive states such as New York, Florida and Texas are yet to legalize and, yep, $44.8 billion begins making even more sense.
Global sales are also expected to increase
While the cannabis market in the United States will be the driver, global sales in cannabis are also anticipated to help push the marketshare higher for the entire industry. Mexico, New Zealand, Luxembourg, Thailand and South Korea are all leading the international markets for cannabis products. By 2024 Arcview anticipates non-North American markets to be worth approximately $6 billion.
Additional growth means additional industry
As the cannabis market in the United States and abroad continues to grow, so too do the ancillary businesses related to the plant-touching industry. As we’ve touched on, there are now about 300,000 cannabis jobs within the United States alone. That number will only rise as more states legalize. Beyond the job creation, more specialized industries will also emerge. Just as none of us at MMLG anticipated being cannabis consultants for California and the rest of the country when we were in school, there are sure to be other cannabis-driven jobs and industries that aren’t yet imagined.