Perhaps it’s appropriate that marijuana is green, because the “green rush” is rapidly turning into a big-money business. Last year, according to the newest State of the Legal Cannabis Markets report from Arcview Market Research and BDS Analytics, licensed-store sales topped $10 billion globally for the first time in history, and worldwide revenue for licensed sales could grow at slightly more than 24% a year through 2024.
But even though cannabis is thriving in more countries than ever, it’s the United States that is perched atop all others. Although estimates vary wildly, it’s believed that the U.S could represent anywhere from a third to up to three-quarters of total licensed-store marijuana spending each year. That makes it the market investors should really be eyeing.
Which states will sell the most recreational marijuana in 2019?
Thankfully, Arcview and BDS have done the legwork for investors and laid out projections on medical and recreational sales for nearly all 50 states, save for a few that have virtually no shot of legalization (medically or recreationally) by 2024. Since the adult-use market is projected to dwarf medical marijuana sales within the next couple of years, today we’re going to look at where your state ranks in estimated recreational pot spending for 2019, if it allows it.
As you may be aware, the federal government has remained steadfast on its classification of cannabis as a Schedule I drug. This means it’s wholly illicit, prone to abuse, and has no recognized medical benefits. In other words, if recreational weed is to be legalized, it has to be done on a state-by-state basis. As of this past weekend, 11 states had passed laws via ballot or legislative initiative to legalize adult-use marijuana.