A new report by cannabis statistic firm New Frontier Data, which will be released in May, indicates that the marijuana industry in the United States will only continue to prosper into the next decade.
“New Frontier Data, the authority in data, analytics and business intelligence in the cannabis industry, has refined our market projections for adult use and medical markets across the country as part of our upcoming report, The U.S. Cannabis Report: 2018 Industry Outlook. We forecast the legal cannabis market to grow to $25 billion by 2025 with a compound annual growth rate of 14.7%.
“Across the globe, we have seen massive expansion as more than 50 countries are legalizing or decriminalizing cannabis. However, the United States continues to lead the way in cannabis consumption in legal medical and adult use markets. With a number of states expected to advance cannabis legalization measures in the next 24 months, more Americans will be able to access legal cannabis in the years to come, making this a watershed 4/20,” said Giadha Aguirre De Carcer, New Frontier Data CEO and Founder.
Based on our revised projections, the 2017 legal cannabis market was worth an estimated $8.3 billion and is projected to grow at a compound annual growth rate (CAGR) of 14.7%, to reach almost $25 billion by 2025. The medical market is projected to grow at 11.8% CAGR through 2025, growing from $5.1 billion in 2017 to an estimated $12.5 billion in 2025. During the same period, adult use sales are projected to grow at a 18.4% CAGR, from $3.2 billion to $12.5 billion (through projections based on the markets having passed medical and adult use legalization initiatives as of January 2018, but not including assumptions for additional states which may yet pass legalization measures before 2025).
The U.S. Cannabis Report: 2018 Industry Outlook will look at several trends across the U.S. cannabis market, including:
- 2018: The first year for pharmaceutical cannabis in the United States?
- Product restrictions and their impact on legal cannabis revenues
- Surging demand for non-flower products
- The rise of CBD: Evolution and commercialization of CBD wellness products
For more information, or to purchase the report, visit www.newfrontierdata.com. The report will be released in May.
About New Frontier Data:
New Frontier Data provides objective, rigorous and comprehensive analysis and reporting about the nascent and underserved cannabis industry worldwide. New Frontier Data’s analytics and reports have been cited in over 65 countries around the world to inform industry leaders, investors, policymakers and others. New Frontier Data, the premiere and only Big Data shop in the sector, looks beyond plant cultivation and distribution to raise the industry bar and improve visibility into what will inevitably soon be a mature and more complex global market. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. and has additional offices in Denver, Colorado.