A new study has found that use of legal cannabis among adults has skyrocketed in the past year.
The report, compiled by New Frontier and ArcView Market Research, that the legal cannabis industry notched sales of $5.4 billion in 2015, an $800 million increase from 2014. Figures indicate that that jump is mostly attributable to the sale of legalized recreational cannabis: sales of recreational cannabis jumped to $998 million in 2015, a steep jump from the haul in 2014, which came out to $351 million. That amounted to a 184 percent increase over the course of one year.
“It is undeniable that cannabis is one of the fastest growing industry in the U.S. [sic] Twenty-three states already permit medical use, along with four states and the District of Columbia allowing full adult use. With nearly a dozen states debating changes to their cannabis laws in the coming year, 2016 will be the tipping point in which a majority of U.S. states transition from cannabis prohibition to some form of regulated legal market,” said Giadha DeCarcer, the CEO and founder of New Frontier.
States like Colorado and Washington –both of which have legalized recreational cannabis– saw financial windfalls from the sale of the substance.
According to experts, other states have already begun to take notice.
“Many in the business and financial sector have taken a ‘wait and see’ approach to the legal cannabis industry,”
said Troy Dayton, CEO of ArcView Group.
“The new data confirms what pioneer investors and entrepreneurs suspected. Legalization of cannabis is one of the greatest business opportunities of our time and it’s still early enough to see huge growth.”