A 30-percent increase in marijuana sales in the U.S. since 2015 led to 2016’s marijuana sales to total $5.86 billion. Include Canada, and North American marijuana sales hit $6.7 billion last year. Arcview Market Research gathered the recently released data.
In 2021, North American marijuana sales are expected to hit or exceed $20.2 billion, according to Forbes. If growth maintains a 25-percent per year increase, topping $20.2 billion in the next 4 years is attainable. The industry is growing at paces not seen since the dot com era.
Tom Adams, editor-in-chief for Arcview, said, “The only consumer industry categories I’ve seen reach $5 billion in annual spending and then post anything like 25-percent compound annual growth in the next five years are cable television (19%) in the 1990s and the broadband internet (29%) in the 2000’s.”
Data supplied by BDS Analytics aided Arcview’s sales analysis totals.
Troy Dayton, CEO of Arcview, said, “One of the biggest stories was the alternative forms of ingestion. Concentrates and edibles are becoming consumer favorites versus traditional smoking.”
These sales numbers are impressive considering that the marijuana industry is still in its infancy stages.