By Alicia Wallace, The Cannabist
If voters pass adult-use marijuana legalization ballot issues in Arizona, California, Maine, Massachusetts and Nevada, and medical marijuana measures in Florida and Montana, those states will give a $7.8 billion boost to the legal cannabis industry by 2020, according to the latest market research report from the Arcview Group and New Frontier Data.
The market research firms will release the mid-year update to their comprehensive “The State of Legal Marijuana Markets” report of sales projections and trends in the legal marijuana industry on Thursday.
Arcview and New Frontier now expect the industry to tally $7.4 billion in revenue for 2016, up from the previous projection of $7.1 billion.
In turn, the 2020 projection was adjusted downward to $20.6 billion, from the previous estimate of $22.7 billion. The 2020 adjustment was attributed to the collection of more precise data, operational challenges in states such as Alaska and Maryland, lower-than-expected sales in states such as Illinois and New York, and clarification of states’ regulatory models, according to the report.
Read more at The Cannabist.