California Cannabis Market on Track to Hit $3.1B, Report Shows

After briefly faltering a year ago, California’s massive cannabis industry seems to be regaining steam.

Cannabis sales in the Golden State are expected to reach nearly $3.1 billion this year, a report released today shows.

The report, California: Lessons from the World’s Largest Cannabis Market, looks at what can be learned from the launch of adult-use sales less than two years ago in the world’s largest cannabis market.

Following an unexpected downturn in the California market in 2018, rapid growth resumed, and now sales are on track to hit $7.2 billion in 2024.

In fact, legal cannabis spending in California will achieve a 19% compound annual growth rate through 2024, which would make the state’s marijuana market 40% larger than Canada’s and 253% larger than the next-largest U.S. state (Colorado).

The report’s chief author said the word “opportunity” should be the take-home message found in this report for insurance professionals interested in the cannabis business.

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... read more at: https://www.insurancejournal.com/news/west/2019/08/15/536274.htm

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