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Legal Medical Marijuana Sales Could Hit $7 Billion In 2016

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Apparently it is time for American’s to take the “legal marijuana market” seriously. A new report states that legal cannabis sales jumped 17% to $5.4 billion in 2015 and statistics say it will grow by tremendous 25% this year, reaching up to $6.7 billion in total U.S. sales. That is a nearly 10% rise in sales in just one year.

This is pretty astounding to hear when you think about how recently the very first recreational dispensaries opened for business in the first place. It has been just under two years. ArcView Market Research (the same researchers who came up with the above statistics) are also predicting that the legal cannabis market will be a colossal 21.8 billion in total annual sales by the year 2020.

They are saying that by this point, the legal marijuana market could be bigger than the National Football League. This is definitely saying a lot considering the NFL saw around $12 billion in revenue just last year in 2015, and is expected to reach $25 billion by the year 2027. The bottom line here is whether certain people like it or not, the cannabis industry will continue to gain legitimacy among “entrepreneurs and investors”. At first these entrepreneurs and investors were playing a “wait and see” game with the cannabis industry.

But now that business and numbers are booming, many more Americans are becoming on board. Whether it be with working or investing in the industry, or whether it means more people are ready to vote for more states to provide marijuana recreationally and/or medically. Either way, it’s officially time for this industry to be taken more seriously.