The marijuana industry is growing rapidly, with the legal cannabis market worth over $7.2 billion in 2016, and the industry is projected to grow at a compounded annual rate of 17%. Medical marijuana sales are projected to grow from $4.7 billion in 2016 to $13.3 billion by the end of 2020. The projections are based on areas that have already passed legal initiatives and don’t include additional states that could come on board by the close of 2020.
Industry experts project that by 2020, the legal cannabis market
will create more than a quarter of a million jobs. This is more than the expected jobs from manufacturing, utilities, or even government jobs, according to the Bureau of Labor Statistics, with the fastest-growing job sector being healthcare related.
Based on the current market, along with projections and analysis, cannabis has been proven as a major economic catalyst and job-creation engine for the U.S. economy.