If Californians legalize marijuana under Proposition 64 in November, legal cannabis sales in the state likely will climb by $1.6 billion within the first year of implementation, according to a report released Tuesday.
That would put the state’s medical and recreational market on track to hit $6.5 billion in revenue by 2020 – up from $2.8 billion in 2015, industry research firms Arcview Group and New Frontier state in the report. And the researchers argue it would serve as a “watershed moment” for the industry in and outside the United States.
“We think the activation of the adult-use market in California will undoubtedly make California the new epicenter in cannabis,” said John Kagia, executive vice president of industry analytics for New Frontier.
Sheer size will help the state maintain that status, Kagia said. [Read more at The Orange County Register]