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.
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.