April 19, 2016 | From Forbes.com | By Katie Sola
The size of the market for legal marijuana in the United States is projected to grow to $7.1 billion in 2016, according to a report by New Frontier and ArcView Market Research. That represents 26% growth over the previous year, driven largely by adult recreational sales of marijuana, the researchers found.
Legal adult recreational marijuana sales topped $998 million in 2015 compared to $351 million in 2014 — growing 184% year-over-year. America’s 2015 marijuana sales were higher than those of Dasani, Oreos and Girl Scout cookies.
The states that have legalized weed are seeing windfalls in “green” taxes, such as the $70 million that Colorado took in
during the 2014-15 fiscal year. That’s nearly twice as much revenue than the state earned from alcohol taxes. Colorado is expected to generate$135 million in cannabis taxes and licenses fees in fiscal year 2015-16, according to ArcView. The report used medical and recreational consumer expenditures — not retail sales estimates — to arrive at their figures.
A handful of outspoken celebrities have invested in the industry, including Willie Nelson, Calvin Broadus aka Snoop Dogg, and Nick Lachey.
Read the full story from Forbes here.
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