Overview of cannabis sales in the United States in 2015

Legal cannabis use among U.S. adults increased by 184% in 2015, according to the latest report from New Frontier and’ArcView Market Research.

ArcView estimates the legal cannabis market value to $5.4 billion in 2015, up from $4.6 billion in 2014. This increase is primarily due to the incredible growth in recreational cannabis sales, which rose from 351 million $ in 2014 to 9,98$ million in 2015, an increase of 1,84%.

«Cannabis is undeniably one of the fastest-growing industries in the 23 states that have already authorized the use of cannabis for medical purposes, and the four states that have legalized all uses of cannabis. With approximately 12 states that will hold debates in 2016 »With regard to legislative changes on cannabis, 2016 will be the tipping point after which a majority of states will have begun the transition from cannabis prohibition to some form of regulated market," said Giadha DeCarcer, CEO and founder of New Frontier.

Part of the market’s growth can be attributed to a rapid shift in attitudes toward cannabis. In 2005, only 36% of Americans supported legalization; now, 58% are in favor of it. ArcView projects annual market growth of 30% between 2014 and 2020.

The Colorado was the first state to take the plunge and collect 135 million $ in taxes and licensing fees in 2015, a 77% increase compared to 2014. Even Washington State, which had to overcome certain challenges when launching its program, generated $70 million in its first year. This financial windfall prompted seven states to pass laws on recreational cannabis in 2015.

«Many countries have adopted a «wait-and-see» approach. The new data confirm what investors and entrepreneurs had been sensing. The cannabis legalization »It is one of the greatest opportunities of our time, and it is still too early to see its full potential," said Troy Dayton, CEO of ArcView.

Looking ahead, New Frontier and ArcView believe there will be more price competition as new growers enter the market. They also believe there will be a greater focus on compliance and regulation. Since every state has enacted different laws, staying compliant has become a major business for intermediary companies.

The ArcView study doesn't bring only good news. It notes that cannabis is the the crop that uses the most energy in the United States, particularly because of indoor cultivation, which consumes 1% of the country’s total electricity at a cost of 6 billion dollars. The report states that this rampant energy consumption is unsustainable in legal cannabis markets. The industry will therefore have to find more energy-efficient solutions or return to outdoor cultivation.