Consumer Spending On Marijuana It's less than shocking that the legal marijuana industry is growing at a breakneck pace. All things considered, it
Consumer Spending On Marijuana
It’s less than shocking that the legal marijuana industry is growing at a breakneck pace. All things considered, it was an industry which had a tremendous customer base. For instance, these customers are already buying buying cannabis illegally. The one other industry today which is equivalent is the alcohol industry after prohibition. The demand is there and legal production is rushing to keep up. This means good business.
Therefore, the legal market is capitalizing on the opportunity to get its new legal products into the hands of the customers.
Although it’s occurring in a slower bit-by-bit fashion, we’re seeing an equivalent shift of cannabis consumers from the black market to the authorized market. Cannabis consumers want to buy cannabis legally. At least 20 million regular marijuana users already believe cannabis is beneficial both recreationally and medicinally so marketing spending is low. As long as the price is right, the customers will come to the dispensaries.
A new report from Arcview Market Research and BDS Analytics looks at the numbers.
Consumer Spending On Marijuana: Arcview & BDS Consumer Market Report
This report projects worldwide consumer spending on legal cannabis amounts to $57 billion by 2027. The report also predicts that recreational marijuana use will comprise the majority of spending. That expected figure is $38.3 billion. On the other hand, medical spending will reach $19.1 billion.
North America is going to continue to represent the biggest spending volume, growing from $9.2 billion in 2017 to $47.3 billion in 2027. Because of the massive scale of the market, the growth rates will remain relatively small at a compound annual growth rate (CAGR) of 18%. The largest anticipated growth is in Rest of World (RoW) markets. There, expected spending could increase from $52 million dollars in 2017 to $2.5 billion in 2027. That CAGR is 47%.
As more medical programs come online outside North America and as the recreational market moves to overtake the medicinal market within North America, hundreds of thousands of jobs are expected to emerge in the U.S. alone.
Consumer Spending On Marijuana: Learn About The Arcview Group
Curious about the people behind this study? That’s a good policy. Here is the information they provided about themselves in the media about the report.
The Group was founded in 2010. Arcview launched several groundbreaking ventures in the marijuana industry. The Arcview Investor Network includes over 600 accredited investors who have put over $150 million behind 160 companies. Arcview Market Research began publishing cannabis consumer market reports in 2011. Today, more sources site their data than any other.
In 2017, Arcview Market Research partnered with BDS Analytics to increase the robust point-of-sale data and consumer insights to its offerings. In 2015 Arcview became a partner in Canopy, the very first seed stage mentor driven business accelerator. Arcview is co founder of Cannasure Insurance Services, the leading provider of business insurance to the cannabis industry. Forbes Magazine just recently named Arcview among the top five financial firms in the cannabis sector.
Consumer Spending On Marijuana: About BDS Analytics:
BDS Analytics is headquartered in Boulder, Colo. This company provides comprehensive, actionable, and accurate industry research to all stages of the marketing chain. BDS also offers a holistic understanding of the marijuana market by producing insights from dispensary point-of-sale systems through its market leading GreenEdgeTM platform. BDS also drives consumer research with its Cannabis Insights Group.