GreenWave Advisors Sees Marijuana Industry Hitting $25B by 2020
November 6th, 2015
Policy, Top Story
The U.S. marijuana industry could reach $25 billion by 2020, according to a new report by GreenWave Advisors, driven by the ongoing legalization of the drug across the country. After initially pegging the market at $21 billion, the cannabis research and advisory firm raised its outlook for the market, citing better-than-expected recreational use product sales in Colorado and Washington State and the analysis of other regulated markets.
“The legal marijuana industry has continued to grow at a pace that has substantially exceeded our initial projections,” said Matt Karnes, Founder of GreenWave Advisors, LLC. “As public support for legalization continues to mount (notwithstanding the convolutions of the Ohio ballot initiatives) we believe that 2016 may be a watershed year as several states including Arizona, California, Florida, Maine, Massachusetts and Nevada are expected to enact or expand marijuana use permissions.”
In the near-term, the firm projects that marijuana sales will increase 50% in 2015 to $4.8 billion from $3.2 billion in 2014. These sales could dramatically accelerate past the $25 billion market in 2020 if the federal government ends prohibition, although the likelihood of that happening in the near-term remains low. In that case, sales of medical and adult use sales could exceed $35 billion in the first full year of a federally legalized market.
Support for the legalization of marijuana has been on the rise over the past several years, while conservative politicians like Donald Trump have softened their stance on the drug. According to a recent Gallup poll, which analyzed health surveys from around the country, 44% of Americans have used marijuana and 58% of Americans believe it should be legalized. These are the highest levels on record and ties 2013 results.
GreenWave Advisors, LLC is based in New York City and is the premier independent financial research and advisory firm serving the emerging cannabis industry. Some assumptions used in the firm’s analysis were validated with wholesale market price assessments provided by Cannabis Benchmarks™, a division of New Leaf Data Services, LLC.
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