It’s no secret that the American cannabis industry is booming. But with Nevada set to start recreational sales early and California and Massachusetts following closely behind, it might be time to take a new look at the immediate financial possibilities of legal weed.
Thankfully, the 2017 Marijuana Business Factbook is here to do just that. The canna-biz handbook estimates that 2017 could see a 35% sales bump from last year, while the whole industry is set to jump up to $17 billion in annual sales by 2021.
“The marijuana industry is primed and pumped for explosive growth in the foreseeable future, provided there isn’t a significant crackdown at the federal level,” Chris Walsh, editorial director of Marijuana Business Daily, which publishes the Factbook, said. “The business opportunities that will emerge in the coming years are tremendous for both existing marijuana companies and new ones that start up.”
The U.S. cannabis industry brought in over $4 billion last year, but with attitudes about marijuana changing rapidly and more states expected to pass weed legislation in the coming year, that number could grow exponentially by the end of the decade.
The handbook also estimates that 2017 will be the first time America’s recreational cannabis industry outsells the nation’s medical sector.
Of course, there are a number of factors that will have to fall into place for the cannabis industry to reach those lofty predictions - but as long as full-scale cannabis prohibition doesn’t return, all signs are pointing to unprecedented growth for the industry set to grow like, well, a weed.