Marijuana Industry Growth Rivals Cable Television, Internet
The Forbes report is out, and numbers like this haven’t been seen since Cable Television and Internet were released into the consumer market.
North American marijuana sales topped $6.7 billion in 2016, a 30% increase in sales from 2015. Projections estimate sales will reach $20.2 billion by 2021.
Forbes cannabis reporter Debra Borchardt says, “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.”
In Colorado, sales topped $1 billion in the first ten months of 2016, beating 2015’s yearly total of $996,184,788. The exact number of sales for 2016 will be available in February, but year end totals are estimated to reach $1.3 billion.
Of the estimated $151 million in tax revenue made from cannabis in 2016, $40 million will be targeted to school construction.