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Marijuana Industry Expected To Grow In 2018
The year 2018 is projected to be a record year for marijuana-related businesses, and it is not just about legalization and sales. Jan. 1 marks the rollout of legalized recreational sales in California and a new boom is expected.
But, according to a report from Arcview Market Research, the boom is already happening. Marijuana sales are up 33 percent from 2016 to 2017, and projections are that sales will grow 28 percent every year through 2021 to approximately $24.5 billion.
Recreational sales will add to the mix in California, a state whose medical-only market is already as big as all of Colorado, Washington and Oregon’s total sales combined.
For Arizona, the build out is so far in real-estate, with development of a specialized industrial properties sector. In mid-December, the Pharm, one of Arizona’s largest medical wholesalers, closed on a 15-year, $18 million lease, where properties are specifically leased for medicinal marijuana.