California’s Marijuana Industry Sales Hit $2.7 Billion In 2015
ArcView Market Research, the leading publisher of cannabis market research and information in partnership with New Frontier, the cannabis Big Data and analytics authority, has released the 4th edition of the State of Legal Marijuana Markets, which shows that the legal cannabis industry is one of the fastest growing industries in America with a compound annual growth rate of 31%. The official 2015 ArcView market estimate is $5.7 billion, up from $4.6 billion in 2014. The California cannabis market generated an estimated $2.7 billion in sales in 2015.
“California’s legal medical cannabis market is the largest of any state, responsible for 62% of the country’s total medical cannabis sales in 2015 and over half of all legal cannabis sales (medical and adult use markets combined). All eyes are on California as voters decide on whether to legalize adult-use in the state in November. Success at the ballot box would massively increase California’s total legal market share,” said Troy Dayton, CEO of The ArcView Group.
“If California legalizes adult use in 2016 as expected and adult use sales become operational in 2018, the state market is expected to reach nearly $6.6 billion by 2020,” said Giadha DeCarcer, Founder and CEO of New Frontier.
California was the first state to pass legal medical cannabis legislation in 1996, paving the way for medical cannabis legalization in the country. It is the most highly populated U.S. state, with over 39 million residents, and has weather conditions ideally suited to grow cannabis outdoors with strong cultivation hotbeds across its northern counties on the border with Oregon. It is the largest state cannabis market (medical or adult use) in the country, estimated at $2.7 billion in 2015, although due to its maturity and state demographics it presents some unique challenges to business-owners in the industry. The medical market is relatively saturated with a consumer base that holds high expectations for quality.
If you would like more information on California’s market or any of the other states where marijuana is legal, you can download the State of Legal Marijuana Markets Report at www.ArcViewMarketResearch.com and https://frontierfinancials.com/SOLMM where it can be ordered for $497.
About The ArcView Group:
Founded in 2010, The ArcView Group is responsible for a number of groundbreaking ventures in the cannabis industry. The ArcView Investor Network includes more than 500+ dues-paying accredited investors who have put more than $70 million behind 108 companies. The next members-only meeting of the group will take place in Portland May 1-3. ArcView Market Research produces the State of Legal Marijuana Markets report, which is the most oft-cited market report. ArcView is a partner in CanopyBoulder, a seed-stage mentor-driven business accelerator. ArcView is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. For more information, please visit www.arcviewgroup.com.
About New Frontier:
New Frontier provides objective, sophisticated and comprehensive reporting for the nascent and underserved cannabis industry. New Frontier is the premiere Big Data shop in the sector and looks beyond plant cultivation and distribution to raise the industry bar and provide visibility into a maturing and complex industry. New Frontier is headquartered in Washington, D.C. For more information, please visit www.frontierfinancials.com.