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US: Report says legal marijuana sales of $1.4 billion this year will be much higher in 2014

Erin Van Bronkhorst

Kitsap Peninsula Business Journal

Wednesday 06 Nov 2013

The market for legal marijuana in the U.S. stood at $1.43 billion in sales this year and is projected to grow 64 percent to $2.34 billion in 2014, according to a report to be released Nov. 5 by ArcView Market Research, formerly See Change Research.

The San Francisco-based research company’s second edition of the State of Legal Marijuana Markets report is based on more than 400 surveys and interviews of cannabis retailers, cultivators, processors and industry leaders.

Washington state — now in transition from legal marijuana for medical use to legal marijuana for adult use in general — will have a combined market of $271 million in 2014, the report said. The state Liquor Control Board is currently setting up a system for deciding who gets retail licenses to sell marijuana.

“While there are unique risks and great uncertainty in this market, it is showing signs of maturity,” said Steve Berg, editor of the report. “Those that really understand the market dynamics are poised to reap large rewards from this historic period of rapid growth.”

The Seattle area is the site this week of the second annual National Marijuana Business Conference & Expo, which will be held Nov. 6-8 in Auburn. Organizers are expecting attendance of nearly 500 cannabis industry professionals from across the country, including the 21 states where medical marijuana is legal plus the District of Columbia.

ArcView also said California is still the largest legal cannabis market in the country at $980 million. It estimated more than 590,000 consumers will have purchased cannabis legally from a retail storefront in 2013 nationwide.

The report forecasts that 14 more states will legalize adult use and two more states will legalize medical use over the next five years. These new markets plus growth in existing markets will create a $10.2 billion annual market potential by 2018, the research company predicted.

The report can be found here.
http://www.arcviewmarketresearch.com/

http://kpbj.com/business_daily/2013-11-06/report_says_legal_marijuana_sales_of_14_billion_this_year_will_be_much_hig

 

 

 

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