U.S. legal marijuana sales skyrocketed in 2015 and are projected to surge even ‘higher’ in 2016.
Legal marijuana sales are projected to total $6.7 billion in 2016, according to a research firm, ArcView Market Research.
ArcView’s annual report, ‘State of Legal Marijuana Markets’, details findings on, congressional action, compliance and regulation, price wars, energy use, and critical trends that will shape the marijuana industry’s future.
In 2015 sales in Colorado alone earned over $996 million, which resulted in the state of Colorado collected more than $135 million in marijuana taxes and fees for that year.
“These are amazing numbers,” attorney Steve Fox said, who was one of the principal drafters of Colorado’s Amendment 64, “especially on the tax revenue side.”
The State of Legal Marijuana Market’s report estimates that the legal marijuana business market is currently worth approximately $5.4 billion and projects its value to grow up to $21.8 billion by the year 2020.
“Many in the business and financial sector have taken a ‘wait and see’ approach to the legal cannabis industry,” said ArcView CEO Troy Dayton. “The new data confirms what pioneer investors and entrepreneurs suspected. Legalization of cannabis is one of the greatest business opportunities of our time, and it’s still early enough to see huge growth.”
The data below shows monthly legal marijuana sales tax revenue in Colorado and Washington, data provided by the Washington State Liquor and Cannabis Board and Colorado Department of Revenue.
Only time will tell if the legalization of cannabis truly is going to be one of the ‘greatest business opportunities of our time’ but for now at least the numbers are certainly supporting that idea.