A new industry report forecasts that nationwide cannabis sales could reach $6.7 billion this year and grow to $21.8 billion by 2020.
According to the press release:
The “State of Legal Marijuana Markets” report by research and investment firm the ArcView Group, states that 2016 could be a big year for cannabis in the U.S., with seven more states poised to potentially legalize it for adult use: Arizona, California, Massachusetts, Maine, Nevada, Rhode Island and Vermont. Florida, Ohio, Missouri and Pennsylvania will vote on passing medical marijuana laws.
As more cannabis markets open up, demand is expected to rise 25 percent, according to the report. Such rapid growth has led to significant challenges for the industry, including supplying a huge amount of cannabis crops without the use of potentially hazardous pesticides and making cannabis treatments safer, more discrete and more reliable for patients.