Legal Marijuana Sales Way Up, 184% in Past Year
While we all know marijuana sales are up, the question is: How much?
According to a report from New Frontier and ArcView Market Research (via Forbes), U.S. adult-use marijuana sales rose 184% in the past year.
The report estimates that the legal cannabis industry is $5.4 billion for 2015, up from 2014's $4.6 billion. Most of the jump is credited toward the growth of recreational marijuana sales, which grew from $351 million in 2014 to $998 million in 2015, a 184% increase.
"It is undeniable that cannabis is one of the fastest growing industry in the U.S. 23 states already permit medical cannabis use, along with four states and the District of Columbia allowing full adult use," said New Frontier CEO and Founder Giadha DeCarcer. "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."
American's attitudes toward pot have changed drastically. In 2005, only 36% of Americans supported legalization. Now, a decade later, 58% approve, said the report.
Colorado led the charge, as the first state to fully legalize marijuana, reaping the benefits with $135 million in cannabis taxes and licensing fee in 2015, a 77 % increase over 2014.
Washington followed, and has generated $70 million in tax revenues in its first year.