Cannabis Industry Projected to Generate $40 Billion in 2021

It’s no secret that the cannabis industry is raking in the green. Nevada garnered $3 million in sales and $500,000 in tax revenue in the state’s first four days of recreational sales alone.

The Arcview Group has partnered with BDS Analytics, a Colorado-based company specializing in cannabusiness-driven data, to share their projections for legal cannabis’ future economic impact. In 2016, the industry’s total annual output was $12 billion; Arcview projects this number will rise to $40 billion in 2021.

Cannabis Industry Projected to Generate $40 Billion in 2021

Here’s a breakdown of their projections:

  • 89,500: Number of full-time cannabis employees in 2016.
  • 291,500: Projected number of full-time cannabis employees in 2021, with the possibility of 414,000 jobs if including figures across industries not directly related to cannabis—law, software, research and more.
  • 99,000: Number of jobs created by the California cannabis market alone by 2021—one third of the nation’s total cannabis employment.
  • 29: Number of states to legalize medical marijuana as of this writing (January 2018). The District of Columbia has also legalized medical marijuana.
  • 35: Number of states projected to legalize medical marijuana by 2021.
  • $20.8 billion: Dollars consumers will spend on cannabis in 2021.
  • $39.6 billion: Overall economic impact of cannabis in 2021. Massachusetts, Washington state, Oregon, Nevada, California and Colorado are expected to lead these figures.
  • $4 billion: Taxes and fees pumped back into the economy via the cannabis industry in 2021.

About The Arcview Group

Founded in 2010, The Arcview Group is responsible for a number of groundbreaking ventures in the cannabis industry. The Arcview Investor Network includes more than 600 accredited investors who have put more than $150 million behind 165 companies. Arcview Market Research has published the State of Legal Marijuana Markets since 2011 and it has become the most oft-cited data in the sector. In 2017, Arcview Market Research partnered with BDS Analytics to add more robust point-of-sale data and consumer insights to its offerings. In 2015 Arcview became a partner in Canopy, the first seed-stage mentor-driven business accelerator. Arcview is also co-founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. Forbes Magazine recently named Arcview among the top 5 financial firms in the cannabis sector.

About BDS Analytics:

Headquartered in Boulder, Colo., BDS Analytics provides cannabis brands, cultivators, producers, dispensaries, and investors with comprehensive, actionable, and accurate industry research. The company provides a holistic understanding of the cannabis market by producing insights from dispensary point-of-sale systems through its market-leading GreenEdgeTM platform, driving consumer research with its Cannabis Insights Group. To learn more about how you can utilize BDS Analytics’ superior data and insights, please visit www.bdsanalytics.com.


Related – Predictions for California’s 2018 Recreational Market Sales


 

Katie Conley

Katie Conley is an editor at DOPE Magazine. She enjoys watching schlocky movies, listening to comedy and true crime podcasts, singing karaoke and napping in inopportune places.

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