A new report from cannabis industry analysts Arcview Market Research, in partnership with BDS Analytics predict legal cannabis sales to hit $9.7 billion dollars in North America in 2017.
That data represents a staggering 33% increase over 2016, well meeting over most expectations about how quickly the cannabis industry could grow.
The report also predicts the legal cannabis market to reach $24.5 billion in sales, a 28% annual growth rate, by 2021. "Aside from cryptocurrency, there is simply no other industry changing as rapidly or as unevenly as the cannabis sector," Troy Dayton, Arcview's CEO said.
The report notes that projections are under the assumption that the federal government doesn't crack down on state-legal cannabis, nor does it assume new states will legalize cannabis in the next few years.
Although Attorney General Jeff Sessions is an opponent for the legalization of cannabis, the Justice Department has not verified it will be prosecuting state-legal cannabis business.
A new Gallup poll released in October of this year shows that 64% of Americans are for legalization of cannabis for both recreational and medical use. "Our data shows positive indicators across the board for the legal cannabis industry, in North America and around the globe," said Tom Adams, Arcview's editor-in-chief.
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