13 New U.S. Cannabis Markets Could Push Legal Revenues Above $30 Billion by 2025
Washington, Aug. 09, 2018 (GLOBE NEWSWIRE) -- New Frontier Data, the global authority in data, analytics and business intelligence on the cannabis industry, releases 2018 Cannabis Industry Trends: Market Insights. In this report, New Frontier Data projects sustained double-digit compound annual growth rates (CAGR) for both the medical and adult-use cannabis markets (11% and 18% respectively) through 2025. The report also looks at more than a dozen states likely to pass new legalization measures before 2025. If all current initiatives pass, the total U.S. legal cannabis market will reach $30.6 billion by 2025, a $7.6 billion increase in cannabis legal sales.
U.S. states most likely to pass new legalization measures before 2025 include:
-- Medical: Missouri, Texas, Virginia, Utah -- Adult-use: Connecticut, Michigan, Montana, New Hampshire, New Jersey, New Mexico, New York, Ohio, Rhode Island
“The U.S. legal cannabis industry is primed for sustained and rapid growth, not only across medical and adult-use sectors, but also in the more focused cannabidiol (CBD) and hemp segments. As more states legalize some form of cannabis, and as existing markets continue to mature, the U.S. cannabis industry will have a material impact on state economies by creating new jobs and generating additional tax dollars. Most interestingly, the U.S. legal cannabis industry will also begin to have a significant impact on mature sectors such as pharmaceuticals, tobacco, alcohol, agriculture, and even animal health,” said New Frontier Data CEO Giadha Aguirre de Carcer.
Among the key findings from the report:
-- By 2020, the largest state markets for legal cannabis are projected to be California, Washington, Colorado, Massachusetts, Oregon, Florida and Michigan. -- Due to their large populations, the medical markets in Florida and Michigan will rival the fully legal markets in Oregon and Massachusetts, despite having only legal medical programs in operation. -- Although California is estimated to be the largest legal adult-use cannabis market in the U.S. by 2025, Washington is projected to hold that title until 2020 (followed by California, Colorado, Oregon and Massachusetts). -- Among the fastest growing U.S. cannabis sectors, the 2017 total U.S. CBD market accounted for $367 million in retail sales across hemp-derived and cannabis-derived sources, growing at a 39% rate. -- The total CBD industry projects to grow to $1.2 billion by 2020, and to nearly $2 billion by 2022
As announced earlier this year — based solely on the state markets that have passed medical and adult-use legalization initiatives as of January 2018 — the medical market is projected to grow from $5 billion in 2017 to an estimated $11.2 billion by 2025, while adult-use sales are projected to grow from $3.2 billion to $12 billion by 2025. Combined annual sales are projected to grow at a CAGR of 13.7% over the next eight years, to reach more than $23 billion by 2025.
Visit www.newfrontierdata.com/trends to download the full report.
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policymakers. New Frontier Data’s reports and data have been cited in over 65 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data please visit: www.newfrontierdata.com.
Gretchen Gailey New Frontier Data 202-489-3821 email@example.com