ArcView and New Frontier have partnered this year to offer the 4th edition of the Legal Marijuana Markets Report. ArcView and New Frontier both research the cannabis industry and publish a joint report on the consumer trends, legal advancements, and market growth that could arise in the very near future.
The following are a few examples of the wealth of information included in the report. You can find more information about ordering the full 200+ page report at ArcViewMarketResearch.com. All of the graphs included in this overview are from the executive summary of the Legal Marijuana Markets Reports.
Continued Sales Growth, Consumer Shift to Recreation
There has been evident growth across adult use markets and legal medical markets alike. As more states adopt laws allowing recreational use, ArcView is anticipating continued growth over the next few years.
The total national cannabis market grew to $5.4 billion from $4.6 billion in 2014. If trends continue, 2016 could witness a market sized at $6.7 billion.
The ArcView report has estimated that by 2020, the market place will see over $20 billion in sales. While the medical arm of the industry will continue to draw patients, the total sales made just by recreational consumers could potentially grow from $998 million in 2015 to over $10 billion in 2020.
Medical markets will continue to grow, although there is evidence of states working hard to funnel the majority of patients into the more heavily taxed recreational market. California stands to remain the largest medical market for sales, although that is no surprise considering it is the longest standing and most robust legal cannabis marketplace in America.
When it comes to cannabis companies that have gone public, investors may want to reconsider before sinking funds into cannabis stocks. The cannabis market is still very immature, and a few years may need to pass before publicly traded businesses are a reliable investment.
Positive Public Support of Cannabis
Approval of cannabis for adult use surged to 58% in 2015 from 36% in 2005. A separate poll found 81% of Americans in favor of medical cannabis to some capacity. Many states have adopted CBD-only laws in honor of epileptic children and their families that were left with no option but to migrate to regions where cannabis was legal and accessible.
While demographics over 50 are less likely to approve of adult use legislation, there has clearly been a shift in public thinking over the last three decades among generations that were most prominently exposed to anti-cannabis rhetoric.
Now, 86% of Americans live in a state that has passed some form of legislation approving of cannabis use. After the 2016 election season, that number will assuredly go up as more states adopt cannabis-friendly laws.
Additional Insights from the Report
ArcView and New Frontier are both helping to provide businesses with market insight. Their full report is over 200 pages and touches on many more important themes and trends that the cannabis industry can expect to encounter.
One of these trends is the market-wide need to data-driven business intelligence and market metrics. Cannabis Reports is incredibly excited to see more and more cannabis organizations using our data tools during the upcoming months.
The full Legal Marijuana Markets Report is available at ArcViewMarketResearch.com. For the most up to date info on Cannabis Reports, follow us on Twitter, and like us on our Facebook page. If you would like to learn more about cannabis market data, please join the discussion in the comment section below, or through our social media links.