FORECAST: $12B U.S. SALES IN 2019
MJBiz Daily projects U.S. legal cannabis sales will hit $12B in 2019, roughly a 35% increase over 2018, and could top $30B by 2023.
- In 2019, it anticipates REC sales of roughly $8B and MED sales of $4B with almost all the future growth on the REC side.
- While California REC sales got off to a slow start, they began to pick up in the second half of 2018.
- It expects precipitous declines in key MED markets California and Michigan as REC fuels the growth in those states. Another major MED market, Arizona, could vote to go REC in 2020.
- The REC projections don’t explicitly include Illinois, where the legislature voted to legalize this week.
Quick Hit
- Former Orange County, Calif. Republican Congressman Dana Rohrabacher joined the board of Craig’s List-like site BudTrader. ????For more see WW California.
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- As anticipated, Colorado Gov. Jared Polis (D) signed three pieces of industry friendly legislation, including a bill to loosen investment rules. State authorities, including Polis’ office, have refused to respond to my questions about whether the state could effectively enforce the investment rules which were previously in place.
AP