Arcview Market Research and BDS Analytics have released a “2019 Update” to the sixth edition of their report on The State of Legal Marijuana Markets, which was published last June. The update takes stock of events in the second half of 2018 and anticipates that worldwide spending on legal cannabis will grow 39.1% to $17 billion in 2019.
Recreational Surpasses Medical
The report’s chief editor Tom Adams writes in his introduction: “Legal cannabis continued its winning streak at the ballot box in 2018, but the industry is finding such victories can sometimes be hollow or at least an opportunity to learn patience.”
Case in point: California, which kicked off recreational sales on Jan. 1, 2018. “Legal cannabis launches have faced expensive regulatory regimes,” Adams acknowledges, “such as that in California that handicapped the legal business with a 77% price disadvantage against a robust illicit market.”
TOM ADAMS: “The science, product development and consumer marketing of a consumable that humans have enjoyed for at least 8,000 years is just beginning. There’s enormous potential in all of that.”