Legal Cannabis Market Predicted To Triple By 2021 And Generate More Revenue Than The NFL
The new great frontier might not be a tech company or idea, but rather weed. The U.S. legal cannabis market is currently worth about $8 billion, but the industry is expected to blow up in a major way. So much so that legal medical and adult consumer sales will be higher than the NFL. Arcview Market Research is predicting that the U.S. legal cannabis sales will triple in size by 2021. Making the weed business a more profitable industry than even the mighty NFL, which had approximately $13 billion in revenue in 2016 and projects to reach $25 billion in total annual sales by 2027. North American sales of marijuana are projected to exceed $20.2 billion by 2021, based on a compound annual growth rate of 25%.
Legal marijuana sales in the U.S. and Canada grew by an unbelievable 30% in 2016 to an astounding $6.7 billion according to a new report by Arcview Market Research. Legal U.S. pot sales soared to $5.4 billion for 2015, up 17.4% from $4.6 billion in 2014, according to ArcView Group. In 2017, Colorado surpassed $1 billion in marijuana sales in a mind-blowing eight months. In 2016, Washington’s tax revenue was $256 million, Colorado had $200 million, and Oregon brought in $60 million in Oregon according to VS Strategies.