A new study released this week anticipates that the legal marijuana market could quadruple depending on the outcome of next week’s elections. MedMen, a Los Angeles-based marijuana consulting firm, projects that the industry, as a whole, could generate over $20 billion per year if voters in nine states vote for ballot measures that would legalize marijuana use on Nov. 8.
Currently, nearly $7 billion in legal marijuana sales occur annually, according to The Hill.
Adam Bierman, CEO of MedMen, said, “The potential of this industry is undeniable. The question is how we make sure it is done in a safe, responsible and controlled manner.”
The study determined recreational marijuana could generate over $8 billion in sales to California’s economy and over $6 billion in sales in Nevada. In Florida, $2 billion in annual medical marijuana sales is expected. Roughly $1.45 billion in recreational marijuana sales are projected for both Arizona and Massachusetts should voters approve legal recreational marijuana. Maine is projected to bring in $287 million in recreational marijuana sales annually, and North Dakota recreational marijuana states are projected at $75 million in sales annually.