Forbes has released new figures that show that the industry growth of North America’s legal marijuana “green rush” is bigger than the early 2000s’ dot-com craze.
In 2016, a report by a leading cannabis research publisher; ArcView Market Research, revealed that North America’s legal marijuana market posted revenue of $US9.3 billion ($12 billion)— a 30 per cent increase on 2015.
Assuming a compound annual growth rate of 25 per cent, the industry could post sales topping $US20.2 billion ($27.9 billion) by 2021. This is according to the report.
“Simply put, this industry growth is faster and larger than even the dot-com era,” Forbes said.
During the dot-com boom, the GDP grew at 22 per cent leading to dial-up internet being replaced by broadband. As reported by the magazine.
Talking to Forbes, ArcView chief executive officer Troy Dayton said that, “Twenty-one per cent of the total US population now lives in legal adult-use markets.”
According to Dayton, sales in Oregon, Washington and Colorado jumped 62 per cent between September 2015 and 2016.
Nine states voted on whether or not to legalize the use of medical marijuana or private marijuana during the 2016 US presidential election held in November.
Maine, Massachusetts, California and Nevada voted in support of the legalization of recreational marijuana use.
In 2012, Alaska, Colorado, Washington and Oregon passed similar laws.
Last year, some laws allowing the drug to be grown for medicinal and related scientific purposes were passed by the Federal Government.
