This from Forbes:
North American marijuana sales grew by an unprecedented 30% in 2016 to $6.7 billion as the legal market expands in the U.S. and Canada, according to a new report by Arcview Market Research.
North American sales are projected to top $20.2 billion by 2021 assuming a compound annual growth rate of 25%. The report includes Canada for the first time as it moves towards implementing legal adult use marijuana.To put this in perspective, this industry growth is larger and faster than even the dot-com era. During that time, GDP grew at a blistering pace of 22%. Thirty percent is an astounding number especially when you consider that the industry is in early stages.
Arcview's new editor-in-chief Tom Adams said, "The only consumer industry categories I've seen reach $5 billion in annual spending and then post anything like 25% compound annual growth in the next five years are cable television (19%) in the 1990's and the broadband internet (29%) in the 2000's."ArcView's analysis uses data provided by BDS Analytics that has access to millions of individual consumer transactions from dispensary partners.
Arcview has helped its investors place $91 million with 135 companies since 2013 and primarily focuses on private companies. The industry with its legalization risks does not attract institutional investors in the same amount that other sectors do. “You will not find another multi-billion dollar market growing at a 25% compound annual growth rate anywhere in the world that is not already filled with multi-national companies and institutional investors,” said Troy Dayton, Chief Executive Officer of Arcview Market Research. “That's part of what makes the cannabis industry such a unique opportunity for investors and entrepreneurs.”
Though controversy surrounds the hemp product, pubmed.gov research searches show an impressive array of CBD or hemp positive results in a wide variety of diseases and illnesses.
It is a great avenue for study -- and a great revenue stream for merchant processing for an enterprising DW Agent!