The Cannabis research firm New Frontier Data has forecast the legal American cannabis market to be worth about $24.5 billion by 2025.
This includes both medical and recreational pot.
As first reported by The Cannabist, New Frontier Data also forecasts the total workforce employed in this industry to total 255,000 jobs by 2019.
The legal cannabis market in America is currently around $7 billion. By 2020, New Frontier Data believes that it will top $15 billion — and continue growing from there.
“New Frontier’s tabulations have medical marijuana sales increasing at a 13% compound annual growth rate to $13.3 billion in 2025,” the article reports. “Recreational marijuana is projected to grow faster — at a 25% compound annual growth rate — to $11.2 billion, according to New Frontier.”
These numbers come with a grain of salt, of course. An uncertain future lies ahead for cannabis on the federal level. That could keep the industry from hitting such lofty numbers. At the same time, if a flurry of new states approval recreational cannabis, and Washington D.C. remains hands-off, then the market worth could grow even higher.
