Report: California’s Legal Cannabis Market Will Bring in $7.23 billion annually By 2024
Arcview Market Research and BDS Analytics have released their “State of the Legal Cannabis Market" report. It predicts legal cannabis sales in the U.S. will jump from $9.84 billion in 2018 to $30.03 billion by 2024. The Golden State is expected to lead the way.
California tops the list of 13 states expected to contribute the most to legal cannabis sales by 2024 — a projected $7.23 billion annually. Colorado came in at #2 at a projected $2.05 billion in annual sales. It was followed by Florida ($1.9 billion), New York ($1.66 billion), Michigan ($1.48 billion), Arizona ($1.47 billion), Nevada ($1.41 billion), Washington (1.27 billion), Massachusetts ($1.21 billion), Illinois ($1.14 billion), New Jersey ($1.04 billion), Oregon ($1.02 billion), and Maryland ($1.02 billion).
“Combined, these 13 states are expected to generate $23.9 billion, or nearly 80% of the $30 billion in full-year legal marijuana sales by 2024,” according to the Motley Fool.
“Recreationally legal established states, such as Colorado, Washington, and Oregon, should see growth in the coming years, according to the report, though their rate of growth will slow substantially from years past. Instead, it's states like California, which has struggled with supply issues and regulatory red tape, and Arizona, which isn't even a recreationally legal state at the moment, that could see legal cannabis spending roughly triple between 2018 and 2024.”
In terms of per capita spending on marijuana, Nevada takes home the prize at $1.41 billion by 2024, which would arguably make it the most successful legal cannabis market nationwide.