The ending of marijuana prohibition has spawned a mega-industry in a number of states. Some of them, regardless of whether they ended the ban on weed for medicinal or recreational purposes, are on their way to becoming billion dollar markets within the next four years, according to the latest data from ArcView Market Research and BDS Analytics. These are the seven states most likely to achieve this first.
It is already a billion dollar marijuana market. In 2017, cannabis consumers dropped around $3 billion on products designed to get them stoned. And the market will only continue to grow. The report shows that California should rake in almost $8 billion by 2022. But the total economic impact from allowing adults 21 and older to purchase weed in a manner similar to beer is predicted to be somewhere closer to $15 billion.
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It was one of the first states to legalize for recreational use. But last year, it finally earned bragging rights for becoming one of the first billion dollar pot markets. Consumer spending on medicinal and recreational cannabis products was $1.5 billion in 2017. The state can expect to see an increase of $1 billion within the next four years – providing a total economic impact of around $4.6 billion.
The state only allows marijuana consumption for medicinal use. Still, cannabis consumers (patients) are expected to spend $1.7 billion on cannabis products by 2022.
Another state that was among the first to end prohibition for adults 21 and older. It hasn’t quite made into the ranks of the billion-dollar market club, but it is well on its way. The latest data shows Washington could see $1.5 billion in pot spending by 2022.
The state already has a medical marijuana program. Yet, voters will get to decide in November whether to legalize for recreational use. All of the polls show this is likely to happen. Contingent on a recreational pot market, the state could generate $1.4 billion in the next four years.
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Although the state is struggling to launch its recreational pot market, analysts believe it will thrive in the next few years. Cannabis consumers are expected to drop $1.2 billion by 2022.
Despite only having a medical marijuana program on the books, the state is on track to see $1.2 billion in pot sales within the next few years. These figures, however, depend on whether the state moves to legalize for recreational consumption, which analyists say is likely to happen.