Business is booming for America’s legal marijuana market, and it’s set to continue to grow in the next five years.
Legal weed – which is now permitted in 24 states in various measurements and with different binding terms – grew significantly in sales last year.
A review from ArcView Market Research in its The State of Legal Marijuana Markets report indicates an impressive 17% rise to $5.4 billion in 2015, with a forecast growth of 25% this year to reach a staggering $6.7 billion in US sales this year.
And as for the next few years? That’s the really interesting bit – ArcView expect that the legal pot market will grow at a rate of almost 30% annually. This means that by 2020, the cannabis market will see $21.8 billion in annual sales.
According to projections from Statista, that means that by 2020, marijuana will be making more dollars than good old alcohol, which is projected to sell $10.99 billion.
ArcView CEO Troy Dayton told Fortune: “A lot of people in the business and finance world, in particular, have kind of taken a ‘wait and see’ approach to the cannabis industry,” although this could (and likely will) change.
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Yes the government makes more money at the expense of the drug addicts and many of which will end up homeless on streets. At least now they will have enough money to clean the streets.