Consumer Products

Legal Marijuana Sales to Hit $22 Billion by 2020

marijuanaThe legal sales of pot will reach $21.8 billion in 2020, up from $5.4 billion last year. The legalization of marijuana has and will spread rapidly from state to state.

The data from a new report titled “The State of Legal Marijuana Markets” explain that part of the forecast has as a foundation the sales in Colorado and Washington, where pot use for medical and recreational use is already legal. The research shows that the rise will be rapid year by year:

Demand is expected to remain strong in 2016 with legal markets projected to grow to $6.7 billion, a 24% increase over 2015

The huge majority of the rise in sales will be due to recreational use, which was only 8% of the market in 2014 but is anticipated to be 53% in 2020.

State legalization may be still expanding by the time a national law is passed to legalize marijuana use nationwide. This will leave states that have not supported legalization in a quandary. The report forecast:

Majority support for legalization is fueling a national policy shift The industry’s continued expansion was matched by equally strong growth in popular support for cannabis legalization nationally. According to Gallup, 58% of Americans now support legalization of cannabis for adult use, up from 36% in 2005; a separate poll by Harris found 81% of Americans support legalization for medical use.


More information is available from several stories published by 24/7 Wall St. These include:

And our weekly report on marijuana prices.

Sponsored: Want to Retire Early? Here’s a Great First Step

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.