Appropriately harvested marijuana statistics, specifically related to industry trends, benefit consumers, business folk, policy makers, and many others. And one of the best things about the maturation of the marijuana industry — besides, of course, the availability of high quality legal products — is the prevalence of more trustworthy data.
As the industry grows, more data specialists are training their eyes on nuances in marijuana numbers, trying to glean as much information from marijuana statistics as possible in an attempt to forecast where the nascent industry might be headed.
In business and law-crafting especially, being able to anticipate future developments is paramount. Which, is why we’re always excited to get our hands on new analysis and studies. Hot off the presses — or perhaps we should say “fresh to our inboxes” — is Arcview’s mid-year update to their well-traveled publication, “The State of Legal Marijuana Markets.”
It’s a hefty update, some 87 pages long. Naturally, we raced through it as quickly as possible, and we thought we’d share with you five (very notable) tidbits that caught our eye.
Business is Booming
It should come as no surprise to anyone who even remotely follows marijuana statistics that the industry is hot, hot, hot. But just how hot? Check this: the North American marijuana industry is projected to be valued by a third more than its 2016 value by the end of 2017. In dollars, that equals roughly $9.7 billion (yes, with a “b”). In 2016, industry spending hit $7.3 billion. What’s more, according to Arcview, by the year 2021 that total will reach $24.5 billion.
California is a Massive Market
Another seeming no brainer here, a bunch of people light up in California. But what snagged our attention wasn’t the fact that there are loads of cannabis fans in the Golden State. It was how many there are in relation to other states. Try this statistic on for size: the medical marijuana market in California is bigger than the total (medical and recreational) markets of Colorado, Oregon, and Washington...combined. Insane. With that, just imagine how big the California market will get when it marijuana becomes recreationally legal there.
Americans Embrace Marijuana
It’s (finally!) starting to look like the days of fearing Reefer Madness are behind us. Few matters have experienced a more rapid pendulum swing in public sentiment than marijuana legalization. According to polling data cited by Arcview, there is now bipartisan majority support to end prohibition. Further, 94 percent of Americans favor the legalization of medical marijuana, and 73 percent oppose the federal government’s meddling in state cannabis laws (cc: Jeff Sessions).
Marijuana Taxes Benefit Society
In an age of budgetary hand-wringing, tax revenue from legal marijuana sales are helping subsidize from truly noble endeavors. Some examples? Sure. In Colorado, marijuana money is paying to build new schools and staff them with educators. In Oregon, it’s funding schools, substance abuse and mental health services, as well as law enforcement and other line items. And in Washington it’s supporting public health and local government needs, among other things. That’s money well-spent.
Investment is Skyrocketing
Talk about a banner year for marijuana investing. With reporting complete for only the first three quarters of the year, 2017 has by far been the most lucrative year on record for investments. In the same time span in 2016, there were a combined 238 public and private capital raises. All told, they raked in $720 million at an average of $3 million a piece. Nice! But, 2017 is blowing those numbers out of the water. This year there have been 269 capital raises totaling $1.8 billion (again, with a “b”) at an average of $6.7 million each. Whoa, mama!
How about those for some encouraging marijuana statistics? If 2017 has been a banner year, 2018 looks to be downright bullish for the industry.
To access the entire Arcview report, click here.