If Massachusetts voters approve an expected ballot measure this fall legalizing the recreational use of marijuana, the state could become home to a $1.1 billion cannabis industry by 2020, according to a report.
The research, released last week by the marijuana data and investment firms ArcView Market Research and New Frontier , predicts the advent of legal marijuana would make Massachusetts a thriving hub of “canna-tourism” in the Northeast, depending on whether neighboring states also legalize marijuana.
Researchers projected that revenues from the sale of recreational marijuana — “adult-use” marijuana, in the parlance of proponents — would top $300 million in 2018, likely to be the first full year the business would be legal. Revenues would then nearly triple to more than $900 million in 2020, the firms said, which combined with the expected continued growth of medical marijuana sales would put the state’s total marijuana market at $1.17 billion.
The projection is speculative, but not outside the realm of possibility: Sales of recreational marijuana in Colorado topped $996 million last year, netting the state about $135 million in taxes and fees, according to the Denver Post’s Cannabist publication. [Read more at the Boston Globe]