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Medical & Recreational Marijuana Growing in the US - Industry Market Research Report

Medical & Recreational Marijuana Growing in the US - Industry Market Research Report

  • November 2019
  • 33 pages
  • ID: 5103601
  • Format: PDF
  • By Ibisworld

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New highs: Growing acceptance of medical and recreational marijuana is expected to fuel industry expansion

Abstract

Medical & Recreational Marijuana Growing
The Medical and Recreational Marijuana Growing industry flourished over the five years to 2018. Watershed legalization victories in recent years, most notably during the 2016 election cycle, proved that the cannabis industry is one of the fastest growing industries in the US. According to New Frontier Data, over one-third of the US population now live in states with newly expanded access to legal marijuana. Consumer attitudes are also accelerating legalization efforts at the state level. Furthermore, chronic illnesses and cancer become more prevalent as individuals age, and these ailments drive demand for medical marijuana products in particular. As a result, industry revenue is forecast to increase during the period. Over the five years to 2023, revenue is expected to continue growing. The future of the industry remains uncertain, however, until the federal government definitively rules to decriminalize marijuana.

This industry’s establishments grow marijuana for medical and recreational use. Most operators are nonprofit collectives that provide medical marijuana to other collective members. Transactions are typically conducted on a donation basis because the sale and distribution of marijuana is illegal in most states that permit medical marijuana. The industry also includes operators in Colorado and Washington, who grow medical and recreational marijuana on a for-profit basis.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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