The marijuana industry has continued its explosive growth in 2018, and a new report has quantified just how explosive.
Sales of legal marijuana in the United States could hit $10 billion this year and skyrocket to $22 billion by 2022, according to the 2018 Marijuana Business Factbook released by Marijuana Business Daily. That’s big growth year-over-year, with last year’s figure for both recreational and medical marijuana hitting about $6.2 billion.
Here are some of the factors driving projections.
Of course, California. The legal recreational marijuana market launched in the Golden State in January of this year. The massive market is expected to help drive nationwide sales of recreational marijuana alone from about $2.7 billion in 2017 to between $4 billion to $5 billion in 2018.