New Report Says California Marijuana Sales to Top $6.5 Billion by 2020
Oakland, CA – Arcview Market Research, the leading publisher of cannabis market research, in partnership with New Frontier, the cannabis Big Data and analytics authority, has released its 2016 California Legal Cannabis Market State Profile, which shows the potential growth of the adult use market if California voters choose to legalize adult use cannabis in November. The report finds that over the next four years, the official Arcview Market Research legal cannabis sales projection will grow at a compound annual growth rate of 23.1%, from $2.8 billion in 2016 to an estimated $6.5 billion by 2020.
“California is the 6th largest economy in the world. The opportunity for jobs, tax money and wealth creation made possible by California ending marijuana prohibition cannot be overstated,” said Troy Dayton, CEO of The Arcview Group.
“California is the cannabis market that is going to catapult the industry forward if they legalize adult use in November,” said Giadha DeCarcer, Founder and CEO of New Frontier. “It is the largest and most influential state in the cannabis industry in terms of production, consumption, and cultural influence. The legalization of adult use in California will have far-reaching effects, both within the state and nationally.”
In November 2016, California residents will have the opportunity to vote on Proposition 64 (otherwise referred to as the Adult Use of Marijuana Act (AUMA)). Proposition 64 would allow the possession, sales, use, and cultivation of marijuana for adult use for those 21 years and older. (This will be the second time California has voted on adult use legalization, with Proposition 19 being voted down with a 54% No – 46% Yes vote in 2010).
The passage of AUMA would be the second major reform of California’s cannabis laws in recent years. In October 2015, the state passed the Medical Cannabis Regulation Safety Act (MCRSA), which would bring the most sweeping changes to the state’s medical cannabis program in its 20-year history. By passing new rules on licensing, and business operational requirements, MCRSA will increase transparency and reduce risks for business owners and investors who have struggled with the ambiguity of the original law.
If you would like more information on California’s legal cannabis markets, you can download the 2016 California Legal Cannabis Market State Profile at www.ArcviewMarketResearch.com and https://frontierfinancials.com/product/california/. The report can be ordered for $249.