Boston is predicted to be become the marijuana capital of the world within the next few years, according to market analysts.
A new report published by Arcview Market Research and New Frontier Data suggests that Massachusetts’s move to bring an end to marijuana prohibition will contribute to a marketplace worth an estimated $1 billion by 2020.
Industry experts believe legal weed is destined to become a rampant East Coast trend, complete with a newfound tourism trade, which will undoubtedly put Boston on the map as the reining champion in nationwide pot sales.
“Unlike other places where cannabis is legal, Boston is within driving distance of many of the most populous places in America. This will make Boston the cannabis capital of the world in short order,” Troy Dayton, CEO of The Arcview Group, said in a statement. “This cannabis tourism will drive significant revenue, tax dollars, and job growth which will make legalization very attractive to neighboring states.”
What is mostly likely to happen, according to the masterminds behind the latest report, is Massachusetts will experience a 113 percent annual growth rate that will begin somewhere in the neighborhood of $300 million in sales during the first year and skyrocket into an impressive, almost obscene $1.17 billion industry in its third year of operation.
Looking to Colorado, there is plenty of evidence to suggest that these handicapping tactics with respect to the Massachusetts marijuana market are relatively on target. Some of the latest statistics coming out of the Centennial State’s Department of Revenue show that legal marijuana generated around $996 million last year – not a bad haul considering 2015 was only the second year legal weed was part of the state’s economy.
Giadha Aguirre DeCarcer, founder and CEO of New Frontier, says the language of the Massachusetts marijuana law is the reason the state is poised to become the largest retail pot market in the United States.
“Massachusetts represents a significant opportunity for business owners and entrepreneurs in the space,” he said. “The law does not limit product forms nor does it cap retail dispensary licenses, which are both factors that will positively contribute toward the billion dollars in sales projected by 2020.”
Massachusetts is already on its way to raking in the big bucks from the sale of legal weed. The medical marijuana market is expected to take down somewhere around $79 million before the end of this year.
Market analysts predicted the whole of the nationwide cannabis industry could come close to $22 billion by 2020.