Developments in the Legal Cannabis Industry
|Developments in the Legal Cannabis Industry||Darrell Miller||03/03/17|
March 03, 2017 10:59 AM
Author: Darrell Miller (email@example.com)
Subject: Developments in the Legal Cannabis Industry
The legal marijuana industry is currently the fastest-growing business in the United States. If it continues to expand and reaches all 50 states, it could become even bigger than the organic foods market. According to The ArcView Group, a research company focused on cannabis industry investment, the U.S. market grew 74% in 2014, up from the prior year of $1.5 billion.
- states that have legalized cannabis are benefiting from taxes.
- Colorado is expected to generate $135 million in cannabis taxes and licenses fees in fiscal year 2015-16
- the Cannabidiol (CBD) market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources.
"A report published by The Hemp Business Journal estimates that the Cannabidiol (CBD) market will grow to a $2.1 billion market in consumer sales by 2020 with $450 million of those sales coming from hemp-based sources. In 2015, the market for consumer sales of hemp-derived CBD products was $90 million, plus another $112 million in marijuana-derived CBD products which were sold through dispensaries - bringing a total CBD market to $202 million last year"