North American sales are projected to top $27 billion by 2021 assuming a compound annual growth rate of 25%. The report includes Canada for the first time as the federal Liberal moves towards legalizing recreational use marijuana.
For perspective, the legal cannabis industry’s growth is much larger and faster than even the dot com era. During that time, GDP grew at a pace of 22%.
“The only consumer industry categories I’ve seen reach $5 billion in annual spending and then post anything like 25% compound annual growth in the next five years are cable television (19%) in the 1990’s and the broadband internet (29%) in the 2000’s,” said Arcview editor-in-chief Tom Adams.