Report Suggests Cannabis Market Will Continue Growth Despite Federal Uncertaint
Despite uncertainty in the cannabis space fueled by recent comments from federal government officials, the legal cannabis market is expected to grow at a 27 percent compound annual rate through 2021, according to an Arcview Market Research report outlined by Bloomberg. In 2016 legal cannabis sales reached $6.7 billion – up 34 percent from the previous year.
Arcview CEO Troy Dayton said that not only would a crackdown on the legal cannabis trade be “so politically unpopular it would be silly,” but in 2014 Congress passed an amendment to an appropriations bill the prevents the Justice Department from using funds to interfere state medical cannabis programs. Although the measure does not protect adult-use markets, it is plausible that similar protections could be implemented this fall, Dayton said.
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