After having a record-setting year in 2015, Washington, Colorado and Oregon have set the bar extremely high in legal weed sales. Over the course of 2015, sales took 17 percent jump for a total haul of $5.4 billion, placing projections for 2016 in the ballpark of $6.7 billion. However, according to an ArcView Market Research, the next four years could result in a dramatic shift in the already booming industry, which is expected to rake in $21.8 billion by 2020.
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“It is undeniable that cannabis is one of the fastest growing industries in the U.S.,” Giadha DeCarcer, CEO of cannabis data analysis company New Frontier, explains, “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.”
According to experts, the major shift will be the result of a boom in the weed industry by 2020. According to ArcView CEO Troy Dayton, “A lot of people in the business and finance world, in particular, have kind of taken a ‘wait and see’ approach to the cannabis industry,” however, thats’s all expected to change this year.
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